Thursday, June 1, 2017

How to Find the Right Experts to Guide You through These Times for the Commercial

Floor Covering Industry-

Published By Totally Green

By Lance Wallach –
These days, business owners have a lot on their plates. Not only do they have businesses to run, but they need to have the resources to operate, manage, and flourish those businesses in order to stay afloat. Without serious knowledge of things like finances, taxes, tax audits, and retirement plans, it's hard to keep a shop open for business and to ensure that your future is in good hands.
Especially now, as the economy begins to change, it is smart to look into different ways to secure your future and money. Recent well documented events have made it increasingly important to educate yourself on how to handle such endeavors correctly. Thousands of businesses have closed as a result of bankruptcy, corrupt policies, lowered sales, and other factors, often because issues that seemingly, in hindsight, should have been obvious were overlooked.
In this environment, more than ever, you simply cannot afford mistakes or omissions with respect to your finances. Such mistakes can result in audits and other problems that could eventually lead to the closing of your establishment. Being aware of the amount of debt that you are carrying, when your sales tend to plummet, and your number of employees are three trivial yet important aspects of watching your money. Websites such as, and are resources that can help make sure that there are ZERO unpleasant surprises in your numbers. Additionally, keeping accurate records and constantly double checking your numbers are two obvious, yet often neglected, things that you should do. So the question stands: how knowledgeable are you about your own finances?
Many of you have received information about the current state of your investments in the past few months. Sticker shock would be an understatement. Thousands have been lost as a direct result of the fiascoes constantly occurring as of this writing. Savings that would not only brighten your futures, but in many cases investments that you planned to use for your children's educations, are gone. The downward spiral will continue, as the shrapnel from these events moves throughout our failing economy. It won't stop in the foreseeable future, and it will entail more than just monetary losses. The watchdog agencies that will now have to redeem themselves for failing to perform their regulatory functions, leading at least in part to all of these failures, will respond with increased scrutiny of American citizens and businesses in every manner imaginable. Trust me; no stone will be left unturned, including that of increased IRS audits for the express purpose of raising money, which in fact has already started.
All of which is why treading water in the tide of an ebbing economy is not a solution. It would appear that the seemingly indestructible giants of Wall Street have begun to crumble. Lehman Brothers is no more, Merrill Lynch has been taken down a peg or two, and now, disaster is apparently looming over Morgan Stanley. To say nothing of the looming threat to the consumer banking industry. As industry insiders, we've seen the writing on the wall for quite some time. Now, everybody else can see it, too.
In this day, the veil has been pulled back on the stock market's heavy hitters. Consumers now know there is indeed no "wizard" behind the curtain, just a few individuals in designer suits pulling down astronomical sums of money for the advice they send down from on high. Who can forget the images of the Lehman Brothers employees in New York City, emptying their offices into boxes and carrying them down Seventh Avenue? As sad as it was to see, it was a day we all had the feeling was coming, right? But now that it's here, why don't we feel any better?
The hopes of many investors in the stock market have been shaken to the core, but we cannot forget about the morose consumers and business owners. A number of individuals are suffering the potentially substantial loss (or potential loss) of their hard-earned money in a volatile market. Consumers need advisors who can guide them toward a safe harbor. As previously mentioned, can give you the help you need in this failing economy. The leading authorities are members, and will most likely give helpful feedback. Consumers are fearful, and if they say they aren't, it's probable that they aren't being honest. For most Americans today, a stress free retirement is looking more and more impossible, and the difficulties looming between ourselves and that goal seem insurmountable. But things do not have to look and seem so bleak.
In a sense of the word, we feel compassion. Too many scoundrels plague Wall Street but, to some degree, we all feel the brunt. Be it for the out of work traders and brokers, or the investors who are wondering what is going to happen to their futures, we all feel some concern. But when it comes to who will receive most of our compassion, my money is on the investors. We hate to have an "I told you so" attitude, but at times it is hard to avoid. However, rather than dwell on this compassion, why not capitalize on it? Often unforeseen opportunities arise from the ashes of situations such as these. In fact, many such opportunities are available as I write this. They will be taken advantage of by those with the imagination and talent to position themselves to do so.
By reading this, you may be off to a good start. There are many ideas you will get from our leading finance experts to better run your business, reduce taxes and insurance costs, and much more. You will learn how to avoid audits, which are already up fifty (50) percent and are expected to increase further still, and turn your accountant into your protector instead of a tax collector. You will learn from Lance Wallach, who, as an American Institute of CPAs instructor and course developer, teaches CPAs. Lance also draws upon the knowledge and expertise of his associates, who are the leading finance experts in the United States. None of them work for any of the firms that were affected by the recent and ongoing financial fiascoes. Many of them perceived the arrival of these problems, and only their clients benefited because most other business people were too busy buying products from stockbrokers, insurance agents, and so-called financial planners who did not know what was going on. In Lance's spare time, between speaking at conventions, writing and helping a select few business owners, Lance appears as an expert witness. In fact, for two days in Sept 2008, Lance Wallach testified as an expert witness in Federal Court for a business owner that was sold a faulty financial product by a combination of his accountant and a so-called retirement plan expert. After Lance completed his testimony, the judge calls the retirement plan salesman a "crook" and said that he should settle with the plaintiff. He did not, and the jury awarded the business owner TWICE what he had sued for. As a side note, Lance had advised the lawyer that this was a so called "ERISA case" and instead of the $400,000 that the business owner was suing for, $800,000 (double damages, as is possible in "ERISA" cases), could be awarded if the jury felt that was appropriate.
The point is that, under no circumstances, should you be forced to lie down and take the abuse and malpractice that most salespeople pin on you. Get your financial and business affairs in order, and, if necessary, take some action! Take some serious action!
About the Author:
Lance Wallach is a frequent speaker at national conventions and writes for more than 50 publications. He was the National Society of Accountants Speaker of the Year. He welcomes your contact. E-mail lawallach or call (516) 938-5007 for more info.
The information provided herein is not intended as legal, accounting, financial or any other type of advice for any specific individual or entity. You should contact an appropriate professional for any such advice.


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    10917 72nd Rd Ste 6R
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  2. 200K Report Update-

    419, 412i, Sect 79, Captive Insurance

    March 14,2013

    Lance Wallach


    Lance Wallach even tries to help the IRS go after the sellers of abusive 419, 412i, captive insurance and section 79 plans. He has also spoken at conventions partially sponsored by the IRS, met with IRS officials at their headquarters in Washington D.C. and has received phone calls from the IRS on point.
    Lance Wallach does NOT give the IRS the names of people that RETAIN him to help them. Lance does not give the IRS the names of people that he refers to others for help.

    To: Itzkowitz Ronald R
    Subject: Lance Wallach
    Hope all is well with you. I never heard from your contact about the abusive shelter information that you sent to him. This stuff on section 79 and captive is not all over the net and is sold by the same promoters that used to sell the 412i and 419 scams??????
    Also please see attached two articles that mention section 79 and captives. When I speak at accounting conventions, or write articles about them I am sometimes attacked by promoters of the plans. The articles are not 100% correct, as the publications sometimes change content without checking with the authors.

    To: Itzkowitz Ronald R
    Subject: Re: Lance Wallach AAACPA
    Thanks and please stay in touch. I hope my published articles were of help to someone at IRS. If you want I will continue to send them as I write them.
    From: Itzkowitz Ronald R
    Sent: Monday, November 28, 2011 3:36 PM
    To: Havicon Jon S
    Cc: ''
    Subject: RE: Lance Wallach
    Hi, Jon,
    Would you please follow-up with your contact.
    Ronald R. Itzkowitz
    National EP Customer Partnership Analyst
    Internal Revenue Service - Employee Plans
    Lance Wallach
    Subj: RE: Lance Wallach AAACPA
    Happy New Year Mr. Wallach and thanks for the article.
    Ronald R. Itzkowitz
    Good Morning Mr. Wallach,
    Here is the reply I got. xxxxxxxxxxxxxxxxxxxx

  3. Participated in a Sea Nine VEBA plan_Contact Lance Wallach

    Wednesday, January 8, 2014

    Financial Devastation for Clients in 419 Plans
    Some of you may remember the bad old days of using 419 welfare benefit plans to help business owners (and doctors specifically) take massive deductions where the money ultimately went into cash value life insurance. These plans were sold as a benefit plans, but they were really discriminatory deferred compensation plans in sheep’s clothing. For a while, there was a legitimate use of 419 plans with life insurance, but it didn’t take long for the industry to come crashing down due to the abuses that took place.

    Unfortunately, for many, the fallout from those who used 419 plans is still happening today. In the Jerald W. White v. Commissioner (April 2012) case, a doctor who took large deductions for 419 plan contributions lost his audit and ended up not only paying back taxes but also interest and penalties.

    What’s interesting about this case besides the reminder that bad tax structures can be financially devastating for clients is the discussion about back taxes and penalties. The defendant tried to get out of back taxes and penalties by stating that the deduction was based on reasonable cause and reliance on substantial authority for such deductions. The court pointed out that at no time did the doctor seek out independent counsel on the authority, and that the doctor relied on the promises of interested parties even though it was clear that the promises seemed too good to be true.
    As an expert witness Lance Wallachs side has never lost a case. He has won for both plaintiffs and defendants, but not on the same case, that is a joke. That is not a joke to most people that went into the bad 419 or 412i plans. They were audited, and then many tried to sue. When they used a lawyer who was learning on the job they would lose the lawsuit.

    Posted by Lance Wallach at 11:26 AM
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    Labels: 419 Plans, Lance Wallach, VEBA

    Lance WallachMarch 26, 2014 at 7:38 AM
    Reporting by U.S. Persons Holding Foreign Financia

    Lance Wallach. IRS Form 8938. FATCA requires any U.S. person holding foreign financial assets with an aggregate ...

    Reporting by U.S. Persons Holding Foreign Financi

    Lance Wallach. IRS Form 8938. FATCA requires any U.S. person holding foreign financial assets with an aggregate ...

    Speaker of the year and member of the AICPA faculty of teaching professionals · Frequent speaker on retirement plans, financial and estate planning, and

    FBAR Foreign Bank Account Reporting The IRS is assessing huge penalties for undisclosed foreign bank accounts, assets & income. Click for more info FBAR FILING DEADLING HAS BEEN EXTENDED

    Thursday, June 20, 2013
    Foreign Bank Account Report, Treasury Department Form 90-22.1 (FBAR)

    Who Must File an FBAR:
    Generally, every U.S. person with a financial interest in or signature or other authority over, any financial account outside of the United States, must file an FBAR if the aggregate value of all accounts exceeds $10,000 at any time during the calendar year. An FBAR must be filed by U.S. taxpayers that have signature authority over any account, even if they have no financial interest in or are not the owner of the account. Such accounts include but are not limited to: bank, securities, pension funds, other financial accounts, any accounts with commingled funds, any accounts held by entities for which the individual is a shareholder/owner, etc.

    FBAR Filing Deadline:
    The FBAR must be received on or before June 30th of the year following the calendar year being reported. It is not filed with your federal tax return. June 30, 2012 falls on a Saturday this year, but there has been no official announcement that individuals will not face late filing penalties if the FBAR is not received by the deadline. Therefore it may be prudent to file so that it is received by June 29, 2012.
    There are three (3) pages of instructions and information as to the specific form and instructions can be found on and/or It should be noted that the information provided on these sites (as well as this site) should not be construed as legal advice.

    How FBAR information can be used:
    The information collected by the reporting can be provided to officers and employees of any division of the Treasury Department. These records may be utilized in performance of their duties and investigations as well as referred to other federal, state or local authority upon request for use in criminal, tax, regulatory investigation or proceeding, or other investigations and matters.

    Do you need an attorney for FBAR issues?
    If you have never 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 with the IRS division of international tax.
    If you are concerned about how the information will be used or could be used against you --> you should immediately consult with a tax attorney familiar with international tax law and financial/white collar crime defense or with an ex IRS official who is a CPA.

    If you filed an incomplete or false FBAR --> you should immediately consult with a tax attorney who is familiar with international tax law and financial/white collar crime defense or with a CPA that was with the international division of the IRS.

    How to get your tax law questions answered - confidentially:
    You may wish to consult with an experienced tax attorney or with an ex IRS agent before filing the FBAR form or any other financial document that is requested or required of you because a seemingly simple form (admittedly, financial forms are never "that" simple) have far reaching consequences that can come back to haunt you

  5. SSI & Disability Advocates Office of
    Lance Wallach

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    Mr. Wallach and his
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    About us:
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    If you filed for SSI or
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    Copyright (C) 2009 Lance Wallach
    All rights reserved.
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