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Complexities Of Leasing, Taxation, Error Correction And Changes In Accounting

548 words - 3 pages

Complexities of leasing, taxation, error correction and changes in accounting
Phase 3
Group Project/Group A
Paula Campbell
Colorado Technical University Online
Professor Monica Phillis
 ACC346-0902A-01: Intermediate Accounting II 
April 28, 2009
The accounting team has thoroughly researched the defined contribution plan, defined benefit plan and simple plan that are under consideration to install at BC Corporation. The defined benefit plan is the most costly and complex plan. It also carries an excise tax if the minimum contribution requirement is not met. The simple plan is just what it implies simple with limited options. The defined contribution plan has many ...view middle of the document...

(Johnson, A. n. d.) This data has been developed from thorough research within the accounting department and is provided so an educated decision can be made concerning which pension plan to install at the BC Corporation. A summary of the data for the recommended plan is stated below:

Defined Contribution Plan

|Who can establish and contribute to the plan? |Establish any employer who follows ERISA/Any employee as |
| |long as time requirements are met |
|Deductibility |Expense deduction for employer |
|Employee/Employer Taxation |Employee taxed at distribution/Employer has tax advantage|
| |with requirements met |
|Contribution minimums/maximums |Employee no minimum/$16,500 maximum/Employer no minimum |
| |lesser amount of 25% of compensation or $49,000 maximum. |
|Distribution minimums/maximums |Lump sum...

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