Insurance agents are taking advantage of older people. Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess; Author/Moderator: Lance Wallach, CLU, CHFC - Excerpts have been taken from this book about: Senior abuses.
The following example is unfortunately not an isolated incident of an abusive sales practice. If accountants were consulted more often by their clients, maybe the following would never happen.
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Late Breaking News:
IRS Audits Focus on Captive Insurance Plans
The IRS started auditing 419 plans in the 1990s, and then continued going after 412(i) and other plans that they considered abusive, listed, or reportable transactions, or substantially similar to such transactions. If an IRS audit disallows the 419 plan or the 412(i) plan, not only does the taxpayer lose the deduction and pay interest and penalties, but then the IRS comes back under IRC 6707A and imposes large fines for not properly filing.
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