IRS Audits Focus on Captive Insurance Plans April 2011 Edition By Lance Wallach The IRS started auditing § 419 plans in the 1990s, and then continued going after § 412(i) and other plans that they considered abusive, listed, or reportable transactions, or substantially similar to such transactions. If an IRS audit disallows the § 419 plan or the § 412(i) plan, not only does the taxpayer lose the deduction and pay interest and penalties, but then the IRS comes back under IRC 6707A and imposes large fines for not... read full review »

IRS Audits Focus on Captive Insurance Plans April 2011 Edition By Lance Wallach The IRS started auditing § 419 plans in the 1990s, and then continued going after § 412(i) and other plans that they considered abusive, listed, or reportable transactions, or substantially similar to such transactions. If an IRS audit disallows the § 419 plan or the § 412(i) plan, not only does the taxpayer lose the deduction and pay interest and penalties, but then the IRS comes back under IRC 6707A and imposes large fines for not... read full review »

419 Life Insurance Plans and Other Scams – Large IRS Fines – The IRS Raids Plan Promoter Benistar, and What Does All This Mean To You? Posted: Dec. 9, 2010 By Lance Wallach Recently IRS raided Benistar, which is also known as the Grist Mill Trust, the promoter and operator of one of the better known and more heavily scrutinized of the Section 419 life insurance plans. IRS attacked the Benistar 419 plan, and one of its tactics was to demand the names of all the clients Benistar worked with — so they could be... read full review »

419 Life Insurance Plans and Other Scams – Large IRS Fines – The IRS Raids Plan Promoter Benistar, and What Does All This Mean To You? Posted: Dec. 9, 2010 By Lance Wallach Recently IRS raided Benistar, which is also known as the Grist Mill Trust, the promoter and operator of one of the better known and more heavily scrutinized of the Section 419 life insurance plans. IRS attacked the Benistar 419 plan, and one of its tactics was to demand the names of all the clients Benistar worked with — so they could be... read full review »

IRS raided Benistar and will audit people in the plans Use a VEBA to Reduce Other Post-Employment Benefits Liability By Lance Wallach Government and public employers have to report and account for pension benefits costs. In 1994, the Government Accounting Standards Board (GASB) established standards for public employee pension plans. Until recent years, there was no such standard in place for other post-employment benefits (OPEBs) for state and local government workers. Private sector employers have been required to... read full review »

Enrolled Agents Journal March*April 2006 A Rose By Any Other Name, or Whatever Happened to All Those 419A(f)(6) Providers? By Ronald H. Snyder, JD, MAAA, EA & Lance Wallach, CLU, ChFC, CIMC For years promoters of life insurance companies and agents have tried to find ways of claiming that the premiums paid by business owners were tax deductible. This allowed them to sell policies at a “discount”. The problem became especially bad a few years ago with all of the outlandish claims about how... read full review »

419, 412i, Captive And Section 79 Plans Continue To Draw Lots Of IRS Attention. February 7, 2011 By Lance Wallach Recent court cases have highlighted serious problems in welfare benefit plans issued by Nova Benefit Plans. Recently unsealed IRS criminal case information now raises concerns with other plans as well. If you have any type plan issued by NOVA Benefit Plans, U.S. Benefits Group, Benefit Plan Advisors, Grist Mill trusts, Rex Insurance Service or Benistar, you may have a criminal problem. You may be subject to an audit or... read full review »

Benistar, lawsuits, IRS audits and IRS raids for help see www.lancewallach.com 419 Life Insurance Plans and Other Scams – Large IRS Fines – The IRS Raids Plan Promoter Benistar, and What Does All This Mean To You? Posted: Dec. 9, 2010 By Lance Wallach Recently IRS raided Benistar, which is also known as the Grist Mill Trust, the promoter and operator of one of the better known and more heavily scrutinized of the Section 419 life insurance plans. IRS attacked the Benistar 419 plan, and one of its tactics wa... read full review »

Benistar got raided by over 25 IRS agents. For help see www.vebaplan.com read full review »