July 27, 2007 More Problems for 419 Plans By Lance Wallach, CLU, ChFC, CIMC and Ronald H. Snyder, JD, MAAA, EA For years, life insurance companies and agents have tried to find ways of making life insurance premiums paid by business owners tax deductible. This would allow them to sell policies at a “discount.” The problem became acute a few years ago with outlandish claims about how §§419A(f)(5) and (6) of the Internal Revenue Code (IRC) exempted employers from any tax deduction limitations. Other... 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 »

A Veba Plan LLC site Veba Health Care.com 68 Keswick Lane Plainview, NY 11803 ph: 516-938-5007 fax: 516-938-6330 Email: [email protected] Copyright (C) 2009 Veba Plan LLCAll rights reserved. The Advisor’s Guide to Premium Financing California Broker Magazine Oct. 2008 by Lance Wallach, CLU, CHFC Premium financing allows your clients to purchase life insurance without liquidating their investments or changing their cash flow. Clients who are most likely to use premium financing are high... 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 »

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 »

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 »