We live in a day and age where information is at our fingertips. Anything we want to know is just a Google search away. Yet many companies interested in starting a 401(k) plan are unaware of the tax credits offered for a plan startup.
According to a new survey, among the small business owners not offering a plan, 72% said they didn’t know about tax credits up to $5,000 being available to cover the costs of starting a 401(k) plan.
While potential plan sponsors can Google these tax credits, plan providers are clearly not doing a great job of letting these companies know that tax credits are available.