Section 79 Plans Your Best Resource for Section 79 Questions, Problems, Informationy 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. “So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time, not to mention steep penalties that could very easily eat up the entire $90,000, and also his criminal and civil defense costs. The smart taxpayers are the ones coming forward and not having to look over their shoulders for the next 10 years. Time is running out. The tax amnesty runs through August but it takes at least days to jump through all the hoops. We will also fight hard to reduce the penalties down even more. Remember, the IRS can go as low as 5%. Don’t want this to happen to you? Visit taxadvisorexpert.com today! Copyright (C) 2014 Lance Wallach All rights reserved Most people have never heard of a Section 79 Plan, because it is a wealth building tool pitched by insurance agents who really do not understand the math behind the plan.
National Office
516-938-5007
Email:
section79expert
July The Newspaper of the NYSSCPA Vol. 10, No.13 ________________________________________
By Lance Wallach, CLU, ChFC, CIMC, and Ron Snyder, JD, EA
Following the U.S. Congress’ lead, on April 10 the IRS issued final regulations under Section 409A of the Internal Revenue Code. If the rules seemed unclear before, they are crystal clear now: Most of the so-called “419(e)” plans as well as the remaining 419A(f)(6) plans are in violation of the law and subject to hefty penalties. A 419(e) plan is a benefit plan that generally seeks to make the purchase of life insurance tax-deductible to employers. While the concept is appealing, most of the existing arrangements have permitted the plans to transfer the insurance policies to the participants upon retirement.
To Read More Click Here Abusive Insurance and Retirement Plans
Single–employer section 419 welfare benefit plans are the latest incarnation in insurance deductions the IRS deems abusive
BY LANCE WALLACH XECUTIVE SUMMARY
Some of the listed transactions CPA tax practitioners are most likely to encounter are employee benefit insurance plans that the IRS has deemed abusive. Many of these plans have been sold by promoters in conjunction with life insurance companies.
As long ago as 1984, with the addition of IRC §§ 419 and 419A, Congress and the IRS took aim at unduly accelerated deductions and other perceived abuses. More recently, with guidance and a ruling issued in fall 2007, the Service declared as abusive certain trust arrangements involving cash-value life insurance and providing post-retirement medical and life insurance benefits.
The new "more likely than not" penalty standard for tax preparers under IRC § 6694 raises the stakes for CPAs whose clients may have maintained or participated in such a plan. Failure to disclose a listed transaction carries particularly severe potential penalties.
Lance Wallach, CLU, ChFC, CIMC, is the author of the AICPA’s The Team Approach to Tax, Financial and Estate Planning. He can be reached at lawallach@aol.com or on the Web at, www.vebaplan.com or 516- 938-5007. The information in this article is not intended as accounting, legal, financial or any other type of advice for any specific individual or other entity. You should consult an appropriate professional for such advice.
2 of 5 CJA And Associates Reviews Jan 15, 2015 171 views 3 comments They issued a plan that I believed was a good deal and would provide adequate coverage for my employees and save me money on taxes.However it did not, I ended up getting audited by the IRS and having my employees sue me.
There is a class action suit being taken against these crooks for their captive insurance plan and as many people as possible should join in and put them out of business.
Luckily I reached out to Lance Wallach for help and was able to avoid bankruptcy.Visit http://cja.tax/ to learn more about how to get out from under the tragedy that CJA and associates heaped upon you.
2 of 5 CJA And Associates Reviews Jan 15, 2015 171 views 3 comments They issued a plan that I believed was a good deal and would provide adequate coverage for my employees and save me money on taxes.However it did not, I ended up getting audited by the IRS and having my employees sue me.
There is a class action suit being taken against these crooks for their captive insurance plan and as many people as possible should join in and put them out of business.
Luckily I reached out to Lance Wallach for help and was able to avoid bankruptcy.Visit http://cja.tax/ to learn more about how to get out from under the tragedy that CJA and associates heaped upon you.
Section 79 Plans Articles Portal To Answer Your Section 79 Questions, Problems, Issues 516-935-7346 Section 79 plans, listed transactions, reportable transactions, 419e, 412i, and captive insurance plans are all targets of IRS Auditors.
Learn how to protect yourself by reading these articles, then call for expert help. Employee Retirement Plan Click here for PDF version
IRS Audits Focus on Captive Insurance Plans
What is a Section 79 Plan?
Section 79 Scams and Captive Insurance History
Don't Get Caught in the Section 79 Trap! Big Trouble Awaiting Section 79 Plan Participants
NJACPA - Business Owners Getting Fines and Don't Know Why 419 Life Insurance Plans and Other Scams – Large IRS Fines – The IRS Raids Plan Promoter Benistar, and What Does All This Mean To You?
Benefits Advisor - Be Advised - Everything is Not Fine
Dangers of being "listed" with the IRS Agent's Sales Journal - How To Avoid IRS Fines For You and Your Clients
Have You Dealt With Any of These People? Then you should know ......
IRS_Section 79 Information
Why You Should Stay Away from Section 79 Life Insurance
This Can Happen to You By Lance Wallach, CLU, CHFC
The Offices of Lance Wallach : "America's leading Financial Services firm "(TM) Lance Wallach, Managing Director
Financial Planning Divison
Call us today: 516-938-5007
Email us at: LanWalla@aol.com The Lance Wallach advantage is credibility, experience & trust !!
Many advisory firms offer financial planning and investment services, but the difference is that Lance Wallach wrote the books on Life Insurance, Financial & Estate planning that the other consultants learned from!
If you want to sleep soundly at night, don't go to the students for your financial answers, go to the one who teaches them, Lance Wallach!
For the past 25 years, successful businesses and individuals have turned to Lance Wallach and his team for assistance, and they are glad they did!
Section 79 Plans
ReplyDeleteYour Best Resource for Section 79 Questions, Problems, Informationy 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.
“So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time,
not to mention steep penalties that could very easily eat up the entire $90,000, and also his
criminal and civil defense costs.
The smart taxpayers are the ones coming forward and not having to look over their shoulders
for the next 10 years.
Time is running out. The tax amnesty runs through August but it takes at least days to jump
through all the hoops. We will also fight hard to reduce the penalties down even more.
Remember, the IRS can go as low as 5%. Don’t want this to happen to you? Visit
taxadvisorexpert.com today!
Copyright (C) 2014 Lance Wallach
All rights reserved
Most people have never heard of a Section 79 Plan, because it is a wealth building tool pitched by
insurance agents who really do not understand the math behind the plan.
National
Office
516-938-5007
Email:
section79expert
July The Newspaper of the NYSSCPA
Vol. 10, No.13
________________________________________
By Lance Wallach, CLU, ChFC, CIMC, and Ron Snyder, JD, EA
Following the U.S. Congress’ lead, on April 10 the IRS issued final regulations under Section 409A of the Internal
Revenue Code. If the rules seemed unclear before, they are crystal clear now: Most of the so-called “419(e)” plans as
well as the remaining 419A(f)(6) plans are in violation of the law and subject to hefty penalties.
A 419(e) plan is a benefit plan that generally seeks to make the purchase of life insurance tax-deductible to employers.
While the concept is appealing, most of the existing arrangements have permitted the plans to transfer the insurance
policies to the participants upon retirement.
To Read More Click Here
Abusive Insurance and Retirement Plans
Single–employer section 419 welfare benefit plans are the latest incarnation in insurance deductions the
IRS deems abusive
BY LANCE WALLACH
XECUTIVE SUMMARY
Some of the listed transactions CPA tax practitioners are most likely to encounter are employee benefit
insurance plans that the IRS has deemed abusive. Many of these plans have been sold by promoters in
conjunction with life insurance companies.
As long ago as 1984, with the addition of IRC §§ 419 and 419A, Congress and the IRS took aim at unduly
accelerated deductions and other perceived abuses. More recently, with guidance and a ruling issued in
fall 2007, the Service declared as abusive certain trust arrangements involving cash-value life insurance
and providing post-retirement medical and life insurance benefits.
The new "more likely than not" penalty standard for tax preparers under IRC § 6694 raises the stakes for
CPAs whose clients may have maintained or participated in such a plan. Failure to disclose a listed
transaction carries particularly severe potential penalties.
Lance Wallach, CLU, ChFC, CIMC, is the author of the AICPA’s The Team Approach to Tax, Financial and
Estate Planning. He can be reached at lawallach@aol.com or on the Web at, www.vebaplan.com or 516-
938-5007. The information in this article is not intended as accounting, legal, financial or any other type of
advice for any specific individual or other entity. You should consult an appropriate professional for such
advice.
ReplyDeleteCJA and Associates got me audited
2 of 5 CJA And Associates Reviews
Jan 15, 2015 171 views 3 comments
They issued a plan that I believed was a good deal and would provide adequate coverage for my employees and save me money on taxes.However it did not, I ended up getting audited by the IRS and having my employees sue me.
There is a class action suit being taken against these crooks for their captive insurance plan and as many people as possible should join in and put them out of business.
Luckily I reached out to Lance Wallach for help and was able to avoid bankruptcy.Visit http://cja.tax/ to learn more about how to get out from under the tragedy that CJA and associates heaped upon you.
ReplyDeleteCJA and Associates got me audited
2 of 5 CJA And Associates Reviews
Jan 15, 2015 171 views 3 comments
They issued a plan that I believed was a good deal and would provide adequate coverage for my employees and save me money on taxes.However it did not, I ended up getting audited by the IRS and having my employees sue me.
There is a class action suit being taken against these crooks for their captive insurance plan and as many people as possible should join in and put them out of business.
Luckily I reached out to Lance Wallach for help and was able to avoid bankruptcy.Visit http://cja.tax/ to learn more about how to get out from under the tragedy that CJA and associates heaped upon you.
RPT IRS is looking.
ReplyDeletePublished on January 4, 2017
LikedUnlikeRPT IRS is ing.1Comment0ShareShare RPT IRS is looking.0
Section 79 Plans
ReplyDeleteArticles Portal To Answer Your Section 79 Questions, Problems, Issues
516-935-7346
Section 79 plans, listed transactions, reportable transactions, 419e, 412i, and
captive insurance plans are all targets of IRS Auditors.
Learn how to protect yourself by reading these articles, then call for expert help.
Employee Retirement Plan
Click here for PDF version
IRS Audits Focus on Captive Insurance Plans
What is a Section 79 Plan?
Section 79 Scams and Captive Insurance History
Don't Get Caught in the Section 79 Trap! Big Trouble Awaiting Section 79 Plan Participants
NJACPA - Business Owners Getting Fines and Don't Know Why 419 Life Insurance Plans and Other Scams –
Large IRS Fines – The IRS Raids Plan Promoter Benistar, and What Does All This Mean To You?
Benefits Advisor - Be Advised - Everything is Not Fine
Dangers of being "listed" with the IRS Agent's Sales Journal - How To Avoid IRS Fines For You and Your Clients
Have You Dealt With Any of These People? Then you should know ......
IRS_Section 79 Information
Why You Should Stay Away from Section 79 Life Insurance
This Can Happen to You By Lance Wallach, CLU, CHFC
ReplyDeleteThe Offices of Lance Wallach :
"America's leading Financial
Services firm "(TM)
Lance Wallach,
Managing Director
Financial Planning
Divison
Call us today:
516-938-5007
Email us at:
LanWalla@aol.com
The Lance Wallach advantage is credibility, experience & trust !!
Many advisory firms offer financial planning and investment services,
but the difference is that Lance Wallach wrote the books on Life
Insurance, Financial & Estate planning that the other consultants
learned from!
If you want to sleep soundly at night, don't go to the students for your
financial answers, go to the one who teaches them, Lance Wallach!
For the past 25 years, successful businesses and individuals have
turned to Lance Wallach and his team for assistance, and they are
glad they did!