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 Captive Insurance Plan. Show all posts
Showing posts with label Captive Insurance Plan. Show all posts
SEA NINE VEBA
If it sounds too good to be true, it probably is!" Seek professional advice from the IRS or a
Tax Professional before you subscribe to any scheme that offers exemption from your obligation as a United States Citizen to pay taxes. Buying into a tax evasion scheme can be very costly.
Tax Professional before you subscribe to any scheme that offers exemption from your obligation as a United States Citizen to pay taxes. Buying into a tax evasion scheme can be very costly.
Department of Justice
Press Releases on Civil and Criminal Actions Taken as a Result of IRS
Enforcement Activities
Press Releases on Civil and Criminal Actions Taken as a Result of IRS
Enforcement Activities
The Department of Justice issues press releases on IRS enforcement activities.
Tax Scams: How to
Recognize and Avoid Them
Recognize and Avoid Them
To help the public recognize and avoid abusive tax schemes, the IRS offers an abundance of
educational materials. Participating in an illegal scheme to avoid paying taxes can result in imprisonment and fines, as well as the repayment of taxes owed with penalties and interest. Education is the best way to avoid the pitfalls of these “too good to be true” tax scams.
educational materials. Participating in an illegal scheme to avoid paying taxes can result in imprisonment and fines, as well as the repayment of taxes owed with penalties and interest. Education is the best way to avoid the pitfalls of these “too good to be true” tax scams.
Don't fall victim to tax scams. The IRS issues News Releases on some of the common scams, including the annual Dirty Dozen news release.
Special Advice for Law
Enforcement on Avoiding Tax Preparer Scams
Enforcement on Avoiding Tax Preparer Scams
Enforcing the Laws and Paying Taxes: Is there a Connection?
This is one of many outreach articles the IRS prepares to help educate the public about tax scams.
Examples of Fraud
Investigations
Investigations
In addition to the Tax Fraud Alerts page, Criminal Investigation (CI) wants you to know about other areas of fraud in which individuals have been criminally prosecuted.
How Do You Report Suspected Tax Fraud Activity?
If you have information about an individual or company you suspect is not complying with
the tax law, report this activity.
the tax law, report this activity.
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.
advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
Posted by Lance Wallach at 1:11 PM 2 comments:
Labels: fraud, irs, IRS Audits, Lance Wallach, lance wallach expert witness, section 79, tax scams,tax schemes
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LANCE
WALLACH IS A NATIONALLY RECOGNIZED EXPERT, AUTHOR, AICPA INSTRUCTOR AND
SPEAKER.
WALLACH IS A NATIONALLY RECOGNIZED EXPERT, AUTHOR, AICPA INSTRUCTOR AND
SPEAKER.
· "Protecting Clients from Fraud, Incompetence, and Scams" published by John Wiley
and Sons
· Mr. Wallach is the National Society of Accountant's Speaker of the Year and the author of numerous professional books, including:and Sons
· "Avoiding Circular 230 Malpractice Traps and Common Abusive Small Businesss Hot
Spots" by the AICPA - author/moderator Lance Wallach
Spots" by the AICPA - author/moderator Lance Wallach
· The AICPA's "The team approach to Tax, Financial and Estate Planning."
· "The CPA's Guide to Life Insurance" by Bisk CPEasy
· "Wealth Preservation Planning" by the National Society of Accountants
· "The CPA's Guide to Federal and Estate Gift Taxation" published by Bisk
Establishing a Buy-Sell Agreement | LifeHealthPro
Working with an attorney, you can help a company establish a buy-sell agreement that sets down in writing what happens to the company's ownership structure in the event a member of the ownership group or a major shareholder dies or becomes disabled.
Without such an agreement in place, a company can be thrown into disarray if one of its owners or key shareholders dies, since the deceased's stake will likely revert to their estate. In that case, the surviving owners' attempts to redeem stock from the estate of the deceased can be a complicated, prolonged, and sometimes contentious process, particularly when it comes to valuing that stock.
VEBA Basic Concepts Revisited | LifeHealthPro
Since my last article on Voluntary Employees' Beneficiary Associations, I've received hundreds of phone calls with basic questions which I will attempt to answer in this article.
First and perhaps most important, a VEBA only becomes a tax-exempt organization under Internal Revenue Code Section 501(c)(9) when it has received a Letter of Determination from the Internal Revenue Service granting it tax exempt status.
If a business or professional wants to participate, it joins an existing multiple employer VEBA which has received this determination letter from the IRS. (It is important to note that while several VEBAs have received IRS determination letters, not all programs purporting to be VEBAs have received them.)
VEBAs allow large amounts of tax-deductible contributions for the funding of life insurance, accident insurance, sickness and other benefits for the members of the VEBA, their employees, dependents and beneficiaries. Contribution amounts can be made flexible and benefits are highly favorable to the business owner.
Under the proper conditions, a small business can sometimes put in hundreds of thousands of tax-deductible dollars per year to fund its VEBA.
Using VEBAs For Employer-Owners | LifeHealthPro
Imagine a program that allows large, flexible, tax-deductible contributions to accumulate and compound on a tax-deferred basis. Distributions are received at any age without penalties, regardless of the amount. Assets are protected from creditors' claims. There are income and estate tax-free survivor benefits. The program is fully insured and, by a favorable Letter of Determination, the Internal Revenue Service has granted a tax exemption to the Section 501(c)(9) trust.
The program also can acquire tax-deductible life insurance, provide funds to pay estate taxes and provide tax-deductible educational benefits for children.
These are some of the benefits of a Voluntary Employees' Beneficiary Association (VEBA). VEBAs are tax-exempt trusts (or nonprofit corporations) that are described in Section 501(c)(9) of the Internal Revenue Code of 1986. They require a letter of determination from the IRS granting tax exempt trust status. If the statutory requirements are met and the IRS issues a favorable Letter Of Determination, then, in general, the qualified cost of contributions by an employer to the VEBA that are ordinary and necessary expenses, are deductible for federal income tax purposes.
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