On this blog you can find information on variable Annuities, as well as captive insurance, 419 plans, 412i plans, IRS problems and much more. If you need an Expert Witness in any of these fields, do not hesitate to get in touch with Lance Wallach. He has never lost a case.
The "Tax Resolution" Offices of "Lance Wallach" 5 1 6 - 9 3 8 - 5 0 0 7 Nationwide Assistance WallachInc@gmail.com don’t become what the IRS calls material advisors. If they sell or give advice, or sign tax returns for abusive, listed or similar plans; they risk a minimum $100,000 fine. Their client will then probably sue them after having dealt with the IRS.
In 2010, the IRS raided the offices and seized the retirement benefit plan administration firm’s files and records. In McGehee Family Clinic, the Tax Court ruled that a clinic and shareholder’s investment in an employee benefit plan marketed under the name was a listed transaction because it was substantially similar to the transaction described in Notice 95-34 (1995-1 C.B. 309). This is at least the second case in which the court has ruled against the welfare benefit plan, by denominating it a listed transaction.
The McGehee Family Clinic enrolled in the Plan in May 2001 and claimed deductions for contributions to it in 2002 and 2005. The returns did not include a Form 8886, Reportable Transaction Disclosure Statement, or similar disclosure. The IRS disallowed the latter deduction and adjusted the 2004 return of shareholder Robert Prosser and his wife to include the $50,000 payment to the plan. Click here to read more.
Late breaking news: Large 419 plan Millennium files for Bankruptcy.
Recent court cases and other developments have highlighted serious problems in plans, popularly know as Benistar, issued by Nova Benefit Plans of Simsbury, Connecticut.
The "Tax Resolution" Offices of "Lance Wallach"
ReplyDelete5 1 6 - 9 3 8 - 5 0 0 7 Nationwide Assistance
WallachInc@gmail.com
don’t become what the IRS calls material advisors. If they sell or give advice,
or sign tax returns for abusive, listed or similar plans; they risk a minimum
$100,000 fine. Their client will then probably sue them after having dealt with
the IRS.
In 2010, the IRS raided the offices and seized
the retirement benefit plan administration firm’s files and records. In
McGehee Family Clinic, the Tax Court ruled that a clinic and shareholder’s
investment in an employee benefit plan marketed under the name
was a listed transaction because it was substantially similar to the
transaction described in Notice 95-34 (1995-1 C.B. 309). This is at least the
second case in which the court has ruled against the welfare benefit
plan, by denominating it a listed transaction.
The McGehee Family Clinic enrolled in the Plan in May 2001 and
claimed deductions for contributions to it in 2002 and 2005. The returns did
not include a Form 8886, Reportable Transaction Disclosure Statement, or
similar disclosure. The IRS disallowed the latter deduction and adjusted the
2004 return of shareholder Robert Prosser and his wife to include the
$50,000 payment to the plan. Click here to read more.
Late breaking news: Large 419 plan Millennium files for
Bankruptcy.
Recent court cases and other developments have highlighted serious problems in plans, popularly know as
Benistar, issued by Nova Benefit Plans of Simsbury, Connecticut.