Is this correct about SEP, Simplified, and qualified plans? Taxpayer, a sole proprietor, has doubled their staff to $80$ employees over the last year and expects to have more than $$2,000,000$ in sales during the next twelve months. In order to reward their employees for their loyalty and hard work, Taxpayer wants to establish a retirement plan for the employees. Taxpayer can do so by establishing a SIMPLE IRA for them.