Merchant Card Services
CSB offers the most advanced countertop payment devices to make accepting credit/debit card payments easy. On the Go Solution! Accept credit/debit card transactions at the push of your smartphone. We offer smartphone processing which allows you to perform credit/debit card transactions right from your smartphone or iPad.
Business Debit Card
Paying for business expenses has never been easier. If you have a business checking account with CSB, apply for a Citizens State Bank MasterCard Debit BusinessCard.
Remote Deposit Capture
Deposit checks at the convenience of your office. Remote Deposit Capture allows you to deposit checks from your customers directly into your business checking account from the comfort of your own office. Fast, Easy, Convenient, and Secure!
Internet Banking/Online Cash Manager
Manage your business account with online cash manager. Internet banking provides a convenient way to access your business account to transfer funds, check account balances, confirm deposits/withdrawals, and view check images. Online Cash Manager allows you to originate ACH and make paying employees or collecting receivables effortless.
Simplified Employee Pension Plan (SEP)
A Simplified Employee Pension (SEP) plan is a retirement plan established by a business owner. Each year, the business owner can contribute a certain percentage of each eligible employee’s compensation directly to the employee’s traditional IRA. As a business owner, whether incorporated or not, you may establish a SEP plan unless you currently maintain a qualified retirement plan.
Certain services may require approval. Contact our New Accounts Department for further information at (979)885-7455 ext. 256, toll free at (800)222-4252 ext.256, or email firstname.lastname@example.org.
Simplified Employee Pension Plan. Retirement made stress-free.
These questions and answers are intended to provide general information on federal tax laws governing Simplified Employee Pension (SEP) Plans. No part is intended to provide legal advice. For specific information, you are encouraged to consult your tax or legal professional.
What is a Simplified Employee Pension (SEP) Plan?
A SEP plan is a retirement plan established by an employer. Each year, the employer can contribute a certain percentage of each eligible employee’s compensation directly to the employee’s traditional IRA.
Am I eligible for SEP Plan?
As a business owner, whether incorporated or not, you may establish a SEP plan. Sole proprietors and partnerships can have SEP plans, even if there are no employees. However, if you currently maintain a qualified retirement plan, you cannot establish the Internal Revenue Service model SEP plan for your business.
What is the maximum SEP contribution?
Under the IRS model SEP plan, you must contribute a uniform percentage of compensation for each eligible employee. The maximum contribution is the lesser of the contribution amount or 25 percent of each employee’s compensation. Refer to the IRS website or your tax professional for contribution amounts.
For an employee, compensation is generally the form W-2 wages from the employer sponsoring the SEP plan. For a self-employed person, compensation is his/her earned income from self-employment. Special adjustments to compensation are necessary before a self-employed person can apply the desired contribution percentage.
Do I get a tax deduction for my SEP plan contributions?
Yes, dollars you contribute on behalf of yourself and your employees are generally deductible as a business expense. A self-employed individual claims his/her personal SEP plan contribution as an adjustment to gross income on his/her personal income tax return.
Must I contribute for each of my employees?
No, the SEP plan may exclude certain employees. Refer to the IRS website or your tax professional for contribution amounts.
Must I contribute the same percentage each year?
No, you have until the due date of your business’s federal income tax return to determine your SEP plan contribution each year. If you wish, you may skip the contribution entirely for any year.
What happens to the assets after I make SEP plan contributions?
All SEP plan contributions are made to eligible employee’s traditional IRAs. Once the SEP contribution has been made, each employee’s account will be subject to all of the traditional IRA rules.
Is it difficult to establish a SEP plan?
No, to establish an IRS model SEP plan, you must complete an IRS approved form, provide a copy to each eligible employee, and have each of them establish a traditional IRA.
When can I establish a SEP plan?
The deadline for establishing or contributing a SEP plan is your business’s income tax-filing deadline, including extensions.