"[D]eduction rules for PBGC-covered and non-covered plans are different.... The IRS averred in our client's situation that a financial advisor is a professional, so his plan is exempt from PBGC coverage.... A coverage ruling was requested and ... the PBGC ruled that the financial advisor was a professional.... [T]he PBGC considered significant objective and subjective elements.... [A] search of a Form 5500 database ... found that 68% of the 650 plans in that category had been coded as being PBGC-covered. That is a lot of surprised folks who have been paying premiums, calculating contributions, and operating as if they were PBGC-covered."  MORE >>