NEW JERSEY ASSOCIATION OF PUBLIC ACCOUNTANTS Lines from Lance - Newsletter November 2009 Business Owners, Accountants, and Others Fined $200, 000 by IRS and Don’t Know Why By Lance Wallach If you are a small business owner, accountant or insurance professional you may be in big trouble and not know it. IRS has been fining people like you $200, 000. Most people that have received the fines were not aware that they had done anything wrong. What is even worse is that the fines are not appeal-able. This is not an isolated... read full review »

NEW JERSEY ASSOCIATION OF PUBLIC ACCOUNTANTS Lines from Lance - Newsletter November 2009 Business Owners, Accountants, and Others Fined $200, 000 by IRS and Don’t Know Why By Lance Wallach If you are a small business owner, accountant or insurance professional you may be in big trouble and not know it. IRS has been fining people like you $200, 000. Most people that have received the fines were not aware that they had done anything wrong. What is even worse is that the fines are not appeal-able. This is not an isolated... read full review »

Big Trouble Ahead For Many 419 Welfare Benefit Plan and 412i Retirement Plan Participants Aug 25, 2010 By Lance Wallach Business owners and professionals who have adopted 419 welfare benefit plan arrangements are in serious trouble. The IRS has attacked these arrangements as "listed transactions." Business owners who engage in a "listed transaction" must report such transactions on IRS Form 8886 every year that they are participating in the transaction, and you are participating even in years when you do not make any... read full review »

Big Trouble Ahead For Many 419 Welfare Benefit Plan and 412i Retirement Plan Participants Aug 25, 2010 By Lance Wallach Business owners and professionals who have adopted 419 welfare benefit plan arrangements are in serious trouble. The IRS has attacked these arrangements as "listed transactions." Business owners who engage in a "listed transaction" must report such transactions on IRS Form 8886 every year that they are participating in the transaction, and you are participating even in years when you do not make any... read full review »

412i, 419, Captive Insurance, and Section 79 Scams October 11, 2010 By Lance Wallach Have you ever heard of captive insurance, a 419 welfare benefit plan, a 412i defined benefit insurance plan or a Section 79 scam? You may have a client in one, or be in one yourself and not even know it. You would learn quickly when the IRS disallows your tax deduction and tries to fine you lots of money. What you are about to read about below may seem impossible in America. The IRS first audits, disallows deductions, and charges interest and... read full review »

FAST PITCH NETWORKING IRS Hiring Agents in Abusive Transactions Group Posted: Dec. 10, 2010 By Lance Wallach Here it is. Here is your proof of my predictions. Perhaps you didn’t believe me when I told you the IRS was coming after what it has deemed “abusive transactions, ” but here it is, right from the IRS’s own job posting. If you were involved with a 419e, 412i, listed transaction, abusive tax shelter, Section 79, or captive, and you haven’t yet approached an expert for help with your situation, you... read full review »

Protecting Clients From Fraud, Incompetence, and Scams By: Lance Wallach Published by John Wiley and Sons, Inc. Copyright  2010. All rights reserved. Excerpts have been taken from this book about: Bruce Hink, who has given me permission to utilize his name and circumstances, is a perfect example of what the IRS is doing to unsuspecting business owners. What follows is a story about Bruce Hink and how the IRS fined him $200, 000 a year for being in what they called a “listed transaction”. In addition, I believe... read full review »

Protecting Clients From Fraud, Incompetence, and Scams By: Lance Wallach Published by John Wiley and Sons, Inc. Copyright  2010. All rights reserved. Excerpts have been taken from this book about: Bruce Hink, who has given me permission to utilize his name and circumstances, is a perfect example of what the IRS is doing to unsuspecting business owners. What follows is a story about Bruce Hink and how the IRS fined him $200, 000 a year for being in what they called a “listed transaction”. In addition, I believe... read full review »

In a recent U.S. Tax Court case, taxpayers suffered a double loss. The taxpayers, consisting of four couples, had purchased welfare benefit plans marketed by Benistar 419 Plan Services. Under the plan, Benistar provided preretirement life insurance to select employees of companies enrolled in the plan. Small employers like the plans because they allow pretax contributions to be shielded from taxation. The plan was marketed through seminars geared towards insurance agents. Benistar did not sell directly to the... read full review »