New 401K Startup Tax Credits

Starting in 2023, there are a number of new tax credits available to help companies offset the cost of establishing either a 401(K) or Simple IRA for their company. There are 3 different credits:

Startup Tax Credit: Cover the costs to setup and maintain the company retirement plans

Employer Contribution Tax Credit: Covers all or a portion of the employer contributions that are made to the plan

Automatic Enrollment Tax Credit: Incentives companies to adopt auto enrollment for their newly establish 401k plan.

Here is the long form video that covers more details about these 401K tax credits:

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