Client has been an independent contractor for years in the oil industry, has a Sch C, always does a full SEP. The SEP is in his name, doesn't say anything about the business.
This year he has a second gig as a computer worker, also treated as an independent contractor. Can he use the SEP IRA account for both businesses? If I use 2 Sch C's, Lacerte allocates the SEP to each, and warns that each business must have its own SEP account.
I am leaning towards using 1 Sch C, and calling it all consulting.
Can anyone shed any light on this?