Insurance Agents: Help for those who sold 419 and 412i plans.
Our team of experienced consulting "tax attorneys", CPAs, and "insurance experts" specializing in 412i" and "419 "IRS
audits" that resulted from plans you sold to your clients, mainly "419 plans", "412i plans", "captive insurance" plans
and "Section 79" plans as well as other similar "employee benefit plans" or "welfare benefit plans" that the IRS is
targeting as "abusive tax shelters".
Our firm has been successful in "defending life insurance agents" and "material advisors" who have participated in
the sale of these "benefit plans".
Showing posts with label IRS. Show all posts
Showing posts with label IRS. Show all posts
Servicers for 419, 419e, 412i, Section 79, captive insurance, listed transactions
 | The Offices of Lance Wallach Offer help with the following: Tax penalty abatement | |
| IRS audit appeals | |
| U.S. Tax Court cases | |
| Multinational taxation consulting | |
| Incorporating your business | |
| Recovering losses from insurance | |
| companies & brokerage firms | ||
| Tax shelter analysis | |
| Pension plan reviews & evaluations | |
| 419 & 412 type benefit plan analysis, | |
| remediation | ||
| Offshore tax shelter issues | |
| IRS listed transactions assistance | |
| Expert witness testimony for tax, | |
| insurance & retirement plan cases | ||
| SSI & Disability benefits advocates | |
| Pension & Benefit Plan Fraud | |
| Insurance Company Fraud |
FBAR Offshore Bank Accounts and Foreign Income Attacked by IRS
You may want to think about participation in the IRS' offshore tax amnestyprogram (called the Offshore Voluntary Disclosure Initiative). Do you want to play audit roulette with the IRS? Some clients think they are too small to be prosecuted. They are wrong.
To the average businessperson, only the guys with tens of millions secretly stashed in Swiss bank accounts get prosecuted. Don't tell that to Michael Schiavo. He was just prosecuted for hiding money in a Swiss account back in 2003. How much money does the IRS say he hid? A whopping $90,000. That's it.
But wait, there is more to the story. Schiavo attempted to do a quiet disclosure during the 2009 amnesty but instead of filling out the amnesty paperwork, he simply trusted that by coming forward voluntarily he could avoid criminal prosecution. He was wrong on all counts. Nothing is too small for the IRS, and nothing is too old.
OR Better Yet, How to Avoid It!
PRODUCERSWEB.com
For Smart Advisers
Get Sued
By Lance Wallach Wednesday, April 8, 2009
The IRS is cracking down on what it considers to be abusive tax shelters. Many of them are being marketed to small business owners by insurance professionals, financial planners and even accountants and attorneys. I speak at numerous conventions, for both business owners and accountants. And after I speak, I am always approached by many people who have questions about tax reduction plans that they have heard about. Below are the most common.
419 tax reduction insurance plans
These come in various versions, and most of them have or will get the participant audited and the salesman sued. They purportedly allow the business owner to make a large tax-deductible contribution, and some or all of the contribution pays for a life insurance product. The IRS has been disallowing most versions of these plans for years, yet they continue to be sold. After everyone gets into trouble and the insurance agents get sued, the promoters of the abusive versions sometimes change the name of their company and call the plan something else. The insurance companies whose policies are sold are legitimate companies. What usually is not legitimate is the way that most of the plans are operated. There can also be a $200,000 IRS fine facing the insurance agent who sold the plan if Form 8918 has not been properly filed. I've reviewed hundreds of these forms for agents and have yet to see one that was filled out correctly.
When the IRS audits a participant in one of these plans, the tax deductions are lost. There is also the interest and large penalties to consider. The business owner can also be facing a $200,000-a-year fine if he did not properly file Form 8886. Most of these forms have been filled out improperly. In my talks with the IRS, I was told that the IRS considers not filling out Form 8886 properly almost the same as not filing at all.
412(i) retirement plans
The IRS has been auditing participants in these types of retirement plans. While there is generally nothing wrong with many of the newer plans, the IRS considered most of the older abusive plans. Forms 8918 and 8886 are also required for abusive 412(i) plans.
I have been an expert witness in a lot of these 419 and 412(i) lawsuits and I have not lost one of them. If you sold one or more of these plans, get someone who really knows what they are doing to help you immediately. Many advisers will take your money and claim to be able to help you. Make sure they have experience helping agents that have sold these types of plans. Don't let them learn on the job, with your career and money at stake.
Do not wait for IRS to come and get you, or for your client to sue you. Time is of the essence. Most insurance professionals need help to correct their improperly completed Form 8918 or to fill it out properly in the first place. If you have not previously filled out the form it is late, and therefore you should immediately seek assistance. There are plenty of legitimate tax reduction insurance plans out there. Just make sure that you know the history of the people with whom you conduct business.
Remember, if something looks too good to be true, it usually is. Be careful.
Lance Wallach, the National Society of Accountants Speaker of the Year, speaks and writes extensively about retirement plans, Circular 230 problems and tax reduction strategies. He speaks at more than 40 conventions annually, writes for over 50 publications, is quoted regularly in the press, and has written numerous best-selling AICPA books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Business Hot Spots. Contact him at 516.938.5007 or visit www.vebaplan.com.
The information provided herein is not intended as legal, accounting, financial or any other type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
For Smart Advisers
Get Sued
By Lance Wallach Wednesday, April 8, 2009
The IRS is cracking down on what it considers to be abusive tax shelters. Many of them are being marketed to small business owners by insurance professionals, financial planners and even accountants and attorneys. I speak at numerous conventions, for both business owners and accountants. And after I speak, I am always approached by many people who have questions about tax reduction plans that they have heard about. Below are the most common.
419 tax reduction insurance plans
These come in various versions, and most of them have or will get the participant audited and the salesman sued. They purportedly allow the business owner to make a large tax-deductible contribution, and some or all of the contribution pays for a life insurance product. The IRS has been disallowing most versions of these plans for years, yet they continue to be sold. After everyone gets into trouble and the insurance agents get sued, the promoters of the abusive versions sometimes change the name of their company and call the plan something else. The insurance companies whose policies are sold are legitimate companies. What usually is not legitimate is the way that most of the plans are operated. There can also be a $200,000 IRS fine facing the insurance agent who sold the plan if Form 8918 has not been properly filed. I've reviewed hundreds of these forms for agents and have yet to see one that was filled out correctly.
When the IRS audits a participant in one of these plans, the tax deductions are lost. There is also the interest and large penalties to consider. The business owner can also be facing a $200,000-a-year fine if he did not properly file Form 8886. Most of these forms have been filled out improperly. In my talks with the IRS, I was told that the IRS considers not filling out Form 8886 properly almost the same as not filing at all.
412(i) retirement plans
The IRS has been auditing participants in these types of retirement plans. While there is generally nothing wrong with many of the newer plans, the IRS considered most of the older abusive plans. Forms 8918 and 8886 are also required for abusive 412(i) plans.
I have been an expert witness in a lot of these 419 and 412(i) lawsuits and I have not lost one of them. If you sold one or more of these plans, get someone who really knows what they are doing to help you immediately. Many advisers will take your money and claim to be able to help you. Make sure they have experience helping agents that have sold these types of plans. Don't let them learn on the job, with your career and money at stake.
Do not wait for IRS to come and get you, or for your client to sue you. Time is of the essence. Most insurance professionals need help to correct their improperly completed Form 8918 or to fill it out properly in the first place. If you have not previously filled out the form it is late, and therefore you should immediately seek assistance. There are plenty of legitimate tax reduction insurance plans out there. Just make sure that you know the history of the people with whom you conduct business.
Remember, if something looks too good to be true, it usually is. Be careful.
Lance Wallach, the National Society of Accountants Speaker of the Year, speaks and writes extensively about retirement plans, Circular 230 problems and tax reduction strategies. He speaks at more than 40 conventions annually, writes for over 50 publications, is quoted regularly in the press, and has written numerous best-selling AICPA books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Business Hot Spots. Contact him at 516.938.5007 or visit www.vebaplan.com.
The information provided herein is not intended as legal, accounting, financial or any other type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
How to Get Fined $100,000 by the IRS
How to Get Fined $100,000 by the IRS
If you don’t read anything else this year, take a quick look at this. Insurance professionals and accountants have been fined $200,000 by the IRS for being material advisers. Business owners have been fined over $1,000,000 for being in retirement plans, so called 412i, 419, section 79 or captive insurance plans. Don’t think this will happen to you? It has already to happened to thousands of people just like you.
If you don’t read anything else this year, take a quick look at this. Insurance professionals and accountants have been fined $200,000 by the IRS for being material advisers. Business owners have been fined over $1,000,000 for being in retirement plans, so called 412i, 419, section 79 or captive insurance plans. Don’t think this will happen to you? It has already to happened to thousands of people just like you.
How Hartford Life and Other Insurance Companies Tricked their Agents and Got People in Trouble with the IRS - HG.org
How Hartford Life and Other Insurance Companies Tricked their Agents and Got People in Trouble with the IRS - HG.org
Agents from Hartford and other insurance companies were shown ways to sell large life insurance policies. This “Welfare Benefit Trust 419 plan or 412i plan should be shown to their profitable small business owners as a cure for paying too much taxes.
A Welfare Benefit Trust 419 plan essentially works like this:
• The business provides a fringe benefit for their employees, such as health insurance and life insurance.
• The benefit is established in the name of a trust and funded with a cash value life insurance policy
• Here is the gravy: the entire amount deposited into the trust (insurance policy) is tax deductible to the company,and
• The owners of the company can withdraw the cash value from the policy in later years tax-free.
• The business provides a fringe benefit for their employees, such as health insurance and life insurance.
• The benefit is established in the name of a trust and funded with a cash value life insurance policy
• Here is the gravy: the entire amount deposited into the trust (insurance policy) is tax deductible to the company,and
• The owners of the company can withdraw the cash value from the policy in later years tax-free.
Read more by clicking the link above!
IRS TAX DOG
IRS TAX DOG
THE IRS TAX DOG WILL PROTECT YOU FROM THE MEAN IRS SCARE TACTICS USED BY THE MEAN TEAM AT THE IRS~!
THE IRS TAX DOG WILL PROTECT YOU FROM THE MEAN IRS SCARE TACTICS USED BY THE MEAN TEAM AT THE IRS~!
There Is No Place to Hide from IRS Scrutiny - HG.org
Some people considering an IRS voluntary disclosure of their foreign income and assets don’t do so because they fear prosecution.
This seems counter-intuitive. The best way to avoid prosecution for undisclosed foreign income or accounts is unquestionably to enter the IRS program.
Yet some fear prosecution precisely because of the tepid protection the IRS seems to offer. The IRS says most people won’t be prosecuted. That isn’t the same as a guarantee and in itself is kind of unsettling.
Yet some fear prosecution precisely because of the tepid protection the IRS seems to offer. The IRS says most people won’t be prosecuted. That isn’t the same as a guarantee and in itself is kind of unsettling.
If the IRS Contacts You... - HG.org
Keep your mouth shut-take this advice seriously.
If you give the agents any opening, you're dead.
They'll start with soft background questions, but before you know it, will have trapped you. And many questions won't be genuine-that is, the agents already know the answers and are asking only to see if you will lie or confess.
Questions typically asked by agents include:
Have you reported all of your income?
Where are your bank accounts and safe deposit boxes?
They'll start with soft background questions, but before you know it, will have trapped you. And many questions won't be genuine-that is, the agents already know the answers and are asking only to see if you will lie or confess.
Questions typically asked by agents include:
Have you reported all of your income?
Where are your bank accounts and safe deposit boxes?
If you want to find out the rest: click here
Could We Have This Debate Before It Is Too Late? - HG.org
Is the use of fully insured group health insurance products as stop-loss coverage for group health plans going to remain a viable solution?
The obvious question that follows is: Are State Departments of Insurance Compelled by the Affordable Care Act (ACA) To Limit Fully Insured Health Products to Minimum Essential Benefits?
Short answer is a resounding No. This is an intriguing question which is being hashed out across our land and I am sad to say that most DOIs are getting it wrong. Section 1301, Paragraph (b), 1, A, the ACA is very clear in its definition of a health plan:
1) Health Plans—
(A) In General.—the term ‘‘health plan’’ means health insurance coverage and a group health plan.
Did that come through? “And a group health plan”.
One of the things that came out of the ACA, which I only hear complaining about, is the Medical Loss Ratio (MLR) mandate; 80% of small group (99 and under) and 85% of large group premium dollars must go to fund patient care. This puts fully insured products in the strange position of being underpriced as a stop-loss product.
Short answer is a resounding No. This is an intriguing question which is being hashed out across our land and I am sad to say that most DOIs are getting it wrong. Section 1301, Paragraph (b), 1, A, the ACA is very clear in its definition of a health plan:
1) Health Plans—
(A) In General.—the term ‘‘health plan’’ means health insurance coverage and a group health plan.
Did that come through? “And a group health plan”.
One of the things that came out of the ACA, which I only hear complaining about, is the Medical Loss Ratio (MLR) mandate; 80% of small group (99 and under) and 85% of large group premium dollars must go to fund patient care. This puts fully insured products in the strange position of being underpriced as a stop-loss product.
Why own Variable Annuities? Frequently you see the word “guarantee” associated with Variable Annuities (VA). What does that mean?
The typical VA acts as a tax deferred tax shelter, like an IRA. Unlike an IRA, anyone can open any sized (e.g.: $1,000 or $1 million) Variable Annuity, independent of his or her income, age or employment status. This is quite attractive for someone looking to shelter income from taxation, particularly for those that cannot achieve their goal with an IRA.
Traditional IRAs can only be established by those under the age of 70 ½ and those (or the spouse of those, if married filing jointly) who receive income or alimony. An IRA has contributions limits, which limit the tax sheltering benefits.
In almost all cases a variable annuity (VA) is a form of life insurance. The traditional insurance salesperson markets the variable annuity as a way to safely invest in the financial markets, without risking your principal. We all know there is no such thing as a free lunch inside or outside the world of finance. The insurance salesperson will often tell you, you cannot earn less than 6% or 7% on the investment.
Inherent in most VA policies are two components, an investment component and an insurance component. The investment component offers a choice of investments similar to mutual funds, called sub-accounts. It is the insurance component that is hard to understand.
The insurance component of a VA includes a death benefit. The death benefit “guarantees” the beneficiary will receive the greater of the: value of the VA at death, or the total of all contributions.
Here is an example of an investor, whose portfolio was 100% invested in a stock sub-account of a variable annuity. Assuming the investor invested $5,000 each year for 20 years, contributions would total $100,000. If the average net return per year were 7%, the Variable Annuity would be worth approximately $205,000 at the end of 20 years.
One evening this same Variable Annuity (VA) buyer learns the stock market has declined 50% in that day. This buyer realizes his VA is worth $102,500, has a stroke and dies. His beneficiary would receive the greater of $102,500 or $100,000. In this case the beneficiary would receive $102,500.
So, where was the death benefit? There was NO death benefit. The only time the beneficiary receives a death benefit is when the policy value falls below the total value of contributions made AND the investor dies.
Well, at least the investor did not have to pay any expenses for a death benefit they did not receive, right? Wrong. In most Variable Annuities the policies are mortality and expense charges, called M&E charges. The “E”, or expense charge, represents the administrative component of the M&E. The “M”, or mortality charge, represents the life insurance component of M&E.
The industry average annual annuity charge for non-group open variable annuity contracts was 1.37%. In addition to M&E charges, most VA policies have surrender costs. These are penalties assessed on the policy if the investor moves the policy before the surrender period ends. Some insurance companies offer annuities with 10-12 surrender periods and 12%-15% surrender charges – something has to pay for the “Insurance Agents” commission. Of course, this is in addition to all underlying costs of the sub-accounts (similar to expense ratios inside all mutual funds).
A few companies offer no-load, low cost, no surrender penalty VA policies. An investor can transfer from one annuity to another annuity without tax consequences, like an IRA transfer, but it must be handled with care.
Like an IRA transfer, the transfer of a VA policy, should be conducted on a custodian-to-custodian basis. The transfer qualifies as a tax-free transfer if conducted using Internal Revenue Code 1035. A “1035 Exchange”, as it is commonly referred to as, is the transfer of one insurance policy into another insurance policy. Handled incorrectly, and the investor could have a taxable distribution and hefty tax bill to boot.
Guarantee? Insurance companies have been very quick to highlight the “guarantee” in their VA policies. A word of caution on that “guarantee”: it is not a guarantee by the U.S. Federal Government. Unlike FDIC, the guarantee provided by an insurance company is a promise by an insurance company that it will pay. Some investors who buy their variable annuities from bank are like-wise fooled. The bank does not guarantee the annuity. If the insurance company goes out of business, you cannot rely on the bank or the FDIC to pay you. This applies to all annuities. My Mother recently called me from a bank. By the way, my Mother belongs to Phi Beta Kappa and is intelligent. She was telling me how the bank manager was (helping her) get out of her CDs, where she pays taxes on the interest. She was being switched to FIXED Annuities. I asked her to ask the bank manager what were the guaranteed in the Fixed Annuities, what were the surrender charges if she wanted to cancel, what taxes would she have to pay if when she cashed the annuities in. A few minutes later my mother got back on the phone that the bank manager not only could not answer the questions, but now the manager was too busy to help her. In case you are wondering, had my Mother make the mistake of buying an annuity from the bank, there would have been substantial sales charges, substantial surrender charges and substantial taxes due when my Mother finally cashed the annuity. What should my Mother do? That is like asking me to prescribe without knowing the symptoms. That is a topic for another article. You may want to look at www.taxlibrary.us to read some very informative articles on point.
Buyer Beware! By the way, your typical Insurance Agent gets paid by commission therefore you have to be very careful. If you do the exchange wrong tax consequences will result.
-----------------------------
Lance Wallach, CLU, ChFC, the National Society of Accountants Speaker of the Year, speaks and writes extensively about retirement plans, Circular 230 problems and tax reduction strategies. He speaks at more than 40 conventions annually, writes for over 50 publications, is quoted regularly in the press, and has written numerous best-selling AICPA books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Business Hot Spots. He does extensive expert witness work and has never lost a case.
Contact Lance Wallach at 516.938.5007 or visit www.taxlibrary.us or http://www.taxaudit419.com/
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
The typical VA acts as a tax deferred tax shelter, like an IRA. Unlike an IRA, anyone can open any sized (e.g.: $1,000 or $1 million) Variable Annuity, independent of his or her income, age or employment status. This is quite attractive for someone looking to shelter income from taxation, particularly for those that cannot achieve their goal with an IRA.
Traditional IRAs can only be established by those under the age of 70 ½ and those (or the spouse of those, if married filing jointly) who receive income or alimony. An IRA has contributions limits, which limit the tax sheltering benefits.
In almost all cases a variable annuity (VA) is a form of life insurance. The traditional insurance salesperson markets the variable annuity as a way to safely invest in the financial markets, without risking your principal. We all know there is no such thing as a free lunch inside or outside the world of finance. The insurance salesperson will often tell you, you cannot earn less than 6% or 7% on the investment.
Inherent in most VA policies are two components, an investment component and an insurance component. The investment component offers a choice of investments similar to mutual funds, called sub-accounts. It is the insurance component that is hard to understand.
The insurance component of a VA includes a death benefit. The death benefit “guarantees” the beneficiary will receive the greater of the: value of the VA at death, or the total of all contributions.
Here is an example of an investor, whose portfolio was 100% invested in a stock sub-account of a variable annuity. Assuming the investor invested $5,000 each year for 20 years, contributions would total $100,000. If the average net return per year were 7%, the Variable Annuity would be worth approximately $205,000 at the end of 20 years.
One evening this same Variable Annuity (VA) buyer learns the stock market has declined 50% in that day. This buyer realizes his VA is worth $102,500, has a stroke and dies. His beneficiary would receive the greater of $102,500 or $100,000. In this case the beneficiary would receive $102,500.
So, where was the death benefit? There was NO death benefit. The only time the beneficiary receives a death benefit is when the policy value falls below the total value of contributions made AND the investor dies.
Well, at least the investor did not have to pay any expenses for a death benefit they did not receive, right? Wrong. In most Variable Annuities the policies are mortality and expense charges, called M&E charges. The “E”, or expense charge, represents the administrative component of the M&E. The “M”, or mortality charge, represents the life insurance component of M&E.
The industry average annual annuity charge for non-group open variable annuity contracts was 1.37%. In addition to M&E charges, most VA policies have surrender costs. These are penalties assessed on the policy if the investor moves the policy before the surrender period ends. Some insurance companies offer annuities with 10-12 surrender periods and 12%-15% surrender charges – something has to pay for the “Insurance Agents” commission. Of course, this is in addition to all underlying costs of the sub-accounts (similar to expense ratios inside all mutual funds).
A few companies offer no-load, low cost, no surrender penalty VA policies. An investor can transfer from one annuity to another annuity without tax consequences, like an IRA transfer, but it must be handled with care.
Like an IRA transfer, the transfer of a VA policy, should be conducted on a custodian-to-custodian basis. The transfer qualifies as a tax-free transfer if conducted using Internal Revenue Code 1035. A “1035 Exchange”, as it is commonly referred to as, is the transfer of one insurance policy into another insurance policy. Handled incorrectly, and the investor could have a taxable distribution and hefty tax bill to boot.
Guarantee? Insurance companies have been very quick to highlight the “guarantee” in their VA policies. A word of caution on that “guarantee”: it is not a guarantee by the U.S. Federal Government. Unlike FDIC, the guarantee provided by an insurance company is a promise by an insurance company that it will pay. Some investors who buy their variable annuities from bank are like-wise fooled. The bank does not guarantee the annuity. If the insurance company goes out of business, you cannot rely on the bank or the FDIC to pay you. This applies to all annuities. My Mother recently called me from a bank. By the way, my Mother belongs to Phi Beta Kappa and is intelligent. She was telling me how the bank manager was (helping her) get out of her CDs, where she pays taxes on the interest. She was being switched to FIXED Annuities. I asked her to ask the bank manager what were the guaranteed in the Fixed Annuities, what were the surrender charges if she wanted to cancel, what taxes would she have to pay if when she cashed the annuities in. A few minutes later my mother got back on the phone that the bank manager not only could not answer the questions, but now the manager was too busy to help her. In case you are wondering, had my Mother make the mistake of buying an annuity from the bank, there would have been substantial sales charges, substantial surrender charges and substantial taxes due when my Mother finally cashed the annuity. What should my Mother do? That is like asking me to prescribe without knowing the symptoms. That is a topic for another article. You may want to look at www.taxlibrary.us to read some very informative articles on point.
Buyer Beware! By the way, your typical Insurance Agent gets paid by commission therefore you have to be very careful. If you do the exchange wrong tax consequences will result.
-----------------------------
Lance Wallach, CLU, ChFC, the National Society of Accountants Speaker of the Year, speaks and writes extensively about retirement plans, Circular 230 problems and tax reduction strategies. He speaks at more than 40 conventions annually, writes for over 50 publications, is quoted regularly in the press, and has written numerous best-selling AICPA books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Business Hot Spots. He does extensive expert witness work and has never lost a case.
Contact Lance Wallach at 516.938.5007 or visit www.taxlibrary.us or http://www.taxaudit419.com/
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
Should you File, and then Opt Out?
There's been discussion of "opting out" of the program to take your chances in audit, but it's a topic fraught with danger. Now, however, there is guidance about opting out of the program that makes much of it transparent. Because of this late date it is recommended that you properly file FBARs and the 90-day request for amnesty extension. This is the first important step. If the forms are not done properly, you will have extensive problems and will not have to think about opting out. If your forms are properly done and filed, then your situation should be discussed with someone who is experienced in these matters.
Read the whole thing here
Read the whole thing here
How to Beat the IRS
Go to this blog to find helpful advice, articles, and contacts that will assist you with all problems dealing with Life Insurance, section 79 problems, Captive Insurance Plans, and 419 Welfare Benefit Plan Audits. This blog also has in depth information about Offshore accounts and form 8886 listed transactions.
Click the link to go to the blog: How to Beat the IRS
Click the link to go to the blog: How to Beat the IRS
Amazon.com: IRS Secrets You Should Know eBook: Lance Wallach: Books
Lance Wallach
National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, Wallach is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters.
He is also a featured writer and has been interviewed on television and financial talk shows including NBC, National Pubic Radio's All Things Considered and others,Lance authored Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation,
as well as AICPA best-selling books including
Avoiding Circular 230 Malpractice Trap.
National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, Wallach is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters.
He is also a featured writer and has been interviewed on television and financial talk shows including NBC, National Pubic Radio's All Things Considered and others,Lance authored Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation,
as well as AICPA best-selling books including
Avoiding Circular 230 Malpractice Trap.
Testimonials...
"Mr. Wallach, thanks so much for taking the
time to talk to me ..today about VEBAs.
Any information you can send me would be
helpful. Hopefully, we can work together in
the future as interest in VEBAs increase."
time to talk to me ..today about VEBAs.
Any information you can send me would be
helpful. Hopefully, we can work together in
the future as interest in VEBAs increase."
Corman G. Franklin
Office of the Assistant Secretary for Policy
U.S. Department of Labor
Office of the Assistant Secretary for Policy
U.S. Department of Labor
Protect your clients – and yourself – from all kinds of financial chicanery and stupidity with this vital new book
It doesn't matter if a financial error was made because of malice or ignorance – the end result is that you lose money. Luckily, you don't have to sit idly and take it. If you have Protecting Clients from Fraud, Incompetence and Scams, you can identify and avoid the dysfunctional sectors of the financial industry, steer clear of the fallout from the Madoff Era, and guide your clients to real, healthy, sustainable returns. This powerful book
- Pinpoints dysfunctional sectors within the financial industry and offers advice against frauds and scammers
- Shows how a team approach to asset management can ward off financial predators
- Offers practical strategies and tools to combat client risk for Risk and Asset Management
Offering insightful information to protect your clients from all sorts of frauds and incompetence, this essential guide equips you with tips and techniques to spot the red flags of fraud and prevent it before it starts.
IRS Secrets You Should Know
Including
Tax, Insurance, and Cost Reduction Strategies for Small Business
Just one of these ideas from the book will save you thousands:
IRS red flags and how to audit proof your tax return
Why your retirement plan is an audit target: how to upgrade it
The only way to deduct estate and business succession plan costs
Turn your life insurance into a tax deduction
Reduce health insurance, workers’ comp and other insurance costs
Discover the only deductible benefit plan where money comes out tax free, even before retirement
Protect assets from creditors while obtaining a tax deduction
Why the IRS has turned your accountant into a tax collector, and what to do about this
Seven best new tax reduction ideas
Use a captive insurance company to reduce taxes and costs
And much more!!!
Books can be purchased here
Amazon.com: Lance Wallach: Books, Biography, Blog, Audiobooks, Kindle
Dont Give the IRS Every Last Drop
By Lance Wallach
Have you seen the commercials where certain companies advertise that they can settle an IRS debt for “pennies on the dollar”? Usually the offer is too good to be true. Besides, you never want to have the problem in the first place.
The chances of an individual being audited have approximately doubled since 2000. So you need to be careful with your tax return.
IRS officials say research has shown that tax “noncompliance” typically is highest among people who work for themselves, who deal in large amounts of cash, who don’t have taxes withheld from their pay and whose income isn’t reported separately to the IRS, such as by their employer.
Dont Give the IRS Every Last Drop
Transfer Pricing
The IRS dedicates enormous resources toward dealing with taxpayer’s who are involved with any form of transfer pricing. The transfer pricing provisions of IRC 482 address four general types of transactions between commonly owned or controlled parties.
1- Use or transfer of tangible property
2- Services
3- Loans
4- Use or transfer of intangible property (especially cost sharing agreements)
Use of tangible property: When one member of a controlled group rents or leases property to another member of the group, the price paid for use of such property must equal an arm’s length amount. Per Treas. Reg. 1.482-2(c )(2)(i), the arm’s length amount is determined by reference to the amount that would have been charged between independent parties for use of the same or similar property under similar circumstances.
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