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"C" in Schedule C Is For "Confused"

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Client sends me letter he received from the Bank, who is trustee of the pension plan. The Bank took the client and associate to lunch and the cover letter as well as 8 pages of 5500 crud address that the value of the lunch was $29 and change. The client, of course, has no idea what this is so ships it to me. I know what to do. I laugh. Not only have all the attendant costs of reporting now exceeded $29 (and change), but also the Plan has fewer than 100 participants (which the Bank would have known if they knew anything about the client or the Schedule C applicability), so Schedule C does not apply.

Fortunately for the client, he did not send this package to an advisor who would then bill him for reading the crud and responding to him. Ain't I nice?

The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.

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You laughed. Is that billable?

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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