Showing posts with label 419e 412i plans. Show all posts
Showing posts with label 419e 412i plans. Show all posts
Lance Wallach - www.taxaudit419.com
Attorneys have been making big money suing accountants, financial planners, insurance agents, and insurance companies who were involved in various types of abusive programs. Insurance agents sold various types of plans the business owner used to take tax deductions. When the business owner gets audited and loses their tax deduction and has all kinds of penalties imposed, the business owner gets upset and usually sues the accountant, the insurance agent, and/or the insurance company. Attorneys have been making a fortune with these types of lawsuits. Be careful. My name is Lance Wallach. (516) 938-5007 if you have any questions.
Lance Wallach - www.taxaudit419.com
The IRS may be coming after you for what is called a reportable transaction. A reportable transaction could be something as simple as a retirement plan with life insurance in it, a so-called 419 or welfare benefit plan, a 412i pension plan, captive insurance, section 79, things like that. If you're in a reportable transaction, the IRS is after you. We welcome your call at (516) 938-5007. My name is Lance Wallach. You may want to Google me. And I look forward to helping you.
Supermodel gets 419e 412i IRS Audit
If you were in a 419e, 412i, sec 79 or captive insurance plan, you may owe the IRS hundreds of thousands of dollars in tax penalties under code 6707a of the IRS. If you sold such a plan or were the accountant for a company with one of these plans, you are liable for huge IRS fines as well. Call Lance Wallach's office today at 516-938-5007 before time runs out to help you. Or visithttp://taxaudit419.com for more info!
Similarities and Differences Between IRC Section 419A(f)(6) and IRC Section 419(e) Plans CPA’s Guide to Life Insurance
Author/Moderator: Lance Wallach, CLU, CHFC, CIMC
Below is an excerpt from one of Lance Wallach’s new books.
Similarities and Differences Between IRC Section 419A(f)(6) and IRC Section 419(e) Plans
One popular type of listed transaction is the so-called “welfare benefit plan,” which once relied on IRC §419A(f)(6) for its authority to claim tax deductions, but now more commonly relies on IRC §419(e). The IRC §419A(f)(6) plans used to claim that the section completely exempted business owners from all limitations on how much tax could be deducted. In other words, it was claimed, tax deductions were unlimited. These plans featured large amounts of life insurance and accompanying large commissions, and were thus aggressively pushed by insurance agents, financial planners, and sometimes even accountants and attorneys. Not to mention the insurance companies themselves, who put millions of dollars in premiums on the books and, when confronted with questions about the outlandish tax claims made in marketing these plans, claimed to be only selling product, not giving opinions on tax questions.
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