Monday, July 6, 2015

Sometimes the IRS might disagree


 with planning you did with other advisors and you need to find help to ensure that your rights are protected, the facts are interpreted accurately and the law applied correctly. Lance Wallach is among the few in this country who fully understand the mechanics and legal issues surrounding what has become known as “419 Plans,” often welfare benefit plans for small companies funded with life insurance. For that reason taxpayers throughout the country seek his services of his ex IRS agents and tax attorney CPAs in dealing with the Internal Revenue Service in audits, appeals and in the Tax Court.

Expert Witness

Frankly, not everybody does it right. Whether through ignorance or ill-intent, some folks sell insurance based programs with tax benefits, such as 419 Plans and 412(i) Plans, captive insurance, section 79 scams, or promote premium financing or STOLI programs to unsuspecting consumers leaving the consumer to be eaten alive, either by the IRS or by a turn in the economy, when all goes wrong. But the opposite is also true. One 419 Plan and some 412(i) Plans are very well designed and flawlessly implemented but the IRS just shoots first and aims second. Some legitimate premium financing might miscue. Building off of Lances knowledge of life insurance and the many ways life insurance has been and can be used in tax and wealth planning, lawyers for both plaintiffs and defendants throughout the US seek Lances services as an expert witness in cases between consumers and those who sold them these programs that develop after the IRS, right or wrong, initiates an audit or the investment goes under water. In looking for an expert witness examine the past. As an expert Lance Wallach’s side has never lost a case. Who else can say that?

8 comments:

  1. Inc., and Ramesh Sarva, seeking a permanent injunction pursuant to 26 ...
    KENNETH ELLIOT
    kennethelliotkaeinsuranceco.blogspot.com/‎
    Jan 7, 2014 - Kae is the business name Elliot utilizes when he performs certain ... Kenneth Elliot d/b/a Kae Insurance COMPLAINT FOR PERMANENT
    US Says Benefit Plan Scheme Costs Millions In Taxes - Law360
    www.law360.com/.../us-says-benefit-plan-scheme-costs-millions-...‎
    Law360
    Oct 11, 2013 - The government's complaint accuses KAE Insurance Services Inc. and ... named defendant and California resident Kenneth Elliott has since ...
    Missing: d ‎b ‎permanent
    RAMESH SARVA
    rameshsarvaveba.blogspot.com/‎
    Jan 7, 2014 - He also was in possession of the legal opinions that Elliot and Sea Nine ... Kenneth Elliot d/b/a Kae Insurance COMPLAINT FOR PERMANENT
    You've visited this page 3 times. Last visit: 3/7/14

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  2. RAMESH SARVA

    Tuesday, January 7, 2014



    United States Of America, Oct. 9th 2013

    Plantiff, Case No SACV13-1582

    vs

    Kenneth Elliot d/b/a Kae Insurance COMPLAINT FOR PERMANENT
    Services, Inc., Vista Barranca, Inc., and INJUNCTION AND OTHER
    Kae Consulting: Sea Nine Associates, Inc., RELIEF
    and Ramesh Sarva

    Defendants.

    The United States of America, for its complaint against Defendants Kenneth Elliot d/b/a KAE Insurance Services, Inc., Vista Barranca, Inc., and KAE Consulting, Sea Nine Associates, Inc., and Ramesh Sarva, seeking a permanent injunction pursuant to 26 U.S. C. 7402 and 7408 to prohibit them from further promoting a fraudulent tax scheme.

    Posted by Lance Wallach at 8:17 AM
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    Labels: Kae Consulting, Kenneth Elliot, Ramesh Sarva, Sea Nine Veba, Vista Barranca

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    Home Media, Author or Editor FBAR IRS tax help


    FBAR IRS tax help
    By IRS tax help FBAR, 2011-08-14
    The willful failure to file the FBAR report or retain records of your foreign accounts can potentially lead to a ten-year prison sentence and fines of up to $500,000. This criminal penalty applies to all US citizens pursuant to 31U.S.C Section S322B and 31 C.F.R. Section 103.S.9.C It may also apply to persons living in the United States who are not citizens.
    If you fail to answer the question truthfully on schedule B of your Form 1040 which asks if you “have an interest in or a signature or other authority over a financial account in a foreign country”, then your false statement might be deemed a criminal offense by the IRS per the sections mentioned above if other surrounding facts and circumstances apply.

    Our office is headed by a former international tax IRS agent with 37 years experience as a CPA and Associate Professor of accounting. Call our office immediately so you can avoid the dire circumstances described above and deal with the other associated problems.


    516-938-5007 Lawallach@aol.com
    Comments
    By Lance wallach, 2011-11-21 14:33:18
    Dolan Media Newswires 01/22/2010
    Small Business Retirement Plans Fuel Litigation
    Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are filing lawsuits against those who marketed, designed and sold the plans. The 412(i) and 419(e) plans were marketed in the past several years as a way for small business owners to set up retirement or welfare benefits plans while leveraging huge tax savings, but the IRS put them on a list of abusive tax shelters and has more recently focused audits on them.
    The penalties for such transactions are extremely high and can pile up quickly - $100,000 per individual and $200,000 per entity per tax year for each failure to disclose the transaction - often exceeding the disallowed taxes.
    There are business owners who owe $6,000 in taxes but have been assessed $1.2 million in penalties. The existing cases involve many types of businesses, including doctors' offices, dental practices, grocery store owners, mortgage companies and restaurant owners. Some are trying to negotiate with the IRS. Others are not waiting. A class action has been filed and cases in several states are ongoing. The business owners claim that they were targeted by insurance companies; and their agents to purchase the plans without any disclosure that the IRS viewed the plans as abusive tax shelters. Other defendants include financial advisors who recommended the plans, accountants who failed to fill out required tax forms and law firms that drafted opinion letters legitimizing the plans, which were used as marketing tools.

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    FBAR/OVDI LANCE WALLACH: Foreign Bank Account ...
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    Jun 20, 2013 - ... filed an FBAR but should have --> you should immediately consult with a tax attorney familiar with international tax law or with a CPA that was ...
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    Dec 5, 2013 - Our office is headed by a former international tax IRS agent with 37 years experience as a CPA and Associate Professor of accounting. Call our ...

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    Captive Insurance & 419 Plans Litigation

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  6. Some 419 Insurance Welfare Benefit Plans Continue To Get Accountants Into Trouble
    Posted on February 21, 2014
    by Lance Wallach





    Published in: The Finance Toolbox





    Popular so-called “419 Insurance Welfare Benefit Plans,” sold by most insurance professionals, are getting accountants and their clients into more and more trouble. A CPA who is approached by a client about one of the abusive arrangements and/or situations to be described and discussed in this article must exercise the utmost degree of caution, not only on behalf of the client, but for his/her own good as well. The penalties noted in this article can also be applied to practitioners who prepare and/or sign returns that fail to properly disclose listed transactions, including those discussed herein.



    On October 17, 2007, the IRS issued Notice 2007-83, Notice 2007-84, and Revenue Ruling 2007-65. Notice 200

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  7. Captive Insurance & 419 Plans Litigation

    "412i-419 Plans: 412i-419 Plans: Reportable Transactions & 419 Plan..."
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    Blogger Lance Wallach said...
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  8. 1 IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN ...
    https://www.gpo.gov/fdsys/pkg/...alsd-1.../USCOURTS-alsd-1_07-cv-00883-1.pdf
    Nov 12, 2010 - Kenneth Elliott was an employee of Sea Nine and the administrator of ... Mr. Elliott served two roles in regards to the VEBA plans: one as “the ...

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