WealthRabbit Support

Are there penalties for not following SIMPLE IRA plan rules?

Yes. Failure to follow IRS SIMPLE IRA rules can result in penalties, corrective contributions, or loss of favorable tax treatment.

Common issues include missed contributions, late deposits, improper employee exclusions, or failure to provide required notices.

Staying organized and informed helps prevent these problems. WealthRabbit’s automated tools and reminders support ongoing compliance.