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Andy the Actuary

"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?

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