Hello,

There is a small business owner that sponsors a SEP plan for his employees and is using the IRS Model 5305-SEP. His business runs on a fiscal year basis where the fiscal year ends on 3/31. My questions are:

1. He cannot use the 5305-SEP because that plan runs calendar year only, correct?

2. If someone wants a SEP plan that allows for fiscal year filing, would they need to obtain a SEP document from a TPA that would allow for this?

3. Hypothetically, could a company that operates on the fiscal year still use the IRS 5305-SEP if they made contributions for employees on a calendar year basis using compensation earned during the calendar year and not the fiscal year? Or does operating on the fiscal year from a tax standpoint immediately prohibit use of the IRS 5305-SEP?