Amending 2008 form: Sch C

[Guest cbclark]

Ok, here we are again with more questions than answers for amending 5500s because of an erroneous plan number. Thanks to all who have posted on a different thread. We are amending the 5500s at issue and we are sending a note to the IRS that we have amended the 5500s. Question came up today about the 2008 5500 Sch. C. The 2008 schedule listed payments to two service providers. Should those amounts be reported as direct compensation on the new and not necessarily improved Sch C that will have to be uploaded? Does it matter? Thanks in advance!

[Guest Form5500]

It may not be possible to obtain the more-in-depth information required on the current year Schedule C (most service providers can barely provide it now). You should report the amended return on a 2008 Form 5500, Schedule C. If you the software you're using doesn't have the 2008 Form available, use the current form and report only the direct compensation and include reasonable cause explanation.

Nicola