Congress should consolidate and simplify the types of tax-favored retirement plans now available to small business owners to minimize the cost and administrative burden imposed by the plans, the American Institute of CPAs told Congress.

In written testimony submitted for the record of the House Small Business Committee’s Oct. 2 hearing on retirement savings for small employers, AICPA Tax Executive Committee chairman Jeffrey A. Porter suggested several ways to simplify the complexity of the retirement planning universe.

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