Thursday, June 1, 2017

Don't You Deserve Expert Accountants? Especially for 419e, 412i, IRS Audits, Section79

Don't You Deserve Expert Accountants? Especially for 419e, 412i, IRS Audits, Section79


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    Lance is an expert about:

    The Millennium Plan
    SADI Trust
    The Beta Plan
    PAC Life
    The Grist Mill Trust
    Compass Welfare Benefit Plan
    Sea Nine VEBA
    Professional Benefits Trust (PBT)
    and most other similar 412i retirement plans and 419 welfare benefit plans

  2. .
    412i, 419e, Captive Insurance and Section 79 Plans
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    Lance Wallach
    By Lance Wallach, California Broker Mag
    The IRS has been attacking all 419 welfare benefit plans, many 412i retirement plans, captive insurance plans with life insurance in them, and Section 79 plans. The IRS is aggressively auditing various plans and calling them 'listed transactions' 'abusive tax shelters,' or 'reportable transactions,'participation in any of which must be disclosed to the Service. The result has been IRS audits, disallowances, and huge fines for not properly reporting under IRC 6707A.
    In a recent tax court case, Curico v. Commissioner (TC Memo 2010-115), the Tax Court ruled that an investment in an employee welfare benefit plan marketed under the name 'Benistar' was a listed transaction. Taxpayers and their representatives should be aware that the Service has disallowed deductions for contributions to these arrangements. The IRS is cracking down on small business owners who participate in tax reduction insurance plans and the brokers who sold them. For help with these issues visit