Did you Participate in a 419 or 412i Benefit Plan?
Lance Wallach is the nation's foremost expert on 419 plans, 412i plans, listed transactions, reportable transactions, Section 79 plans, captive Insurance plans
Did you Participate in a 419 or 412i Benefit Plan?: April 2014
Did you Participate in a 419 or 412i Benefit Plan? Lance Wallach is the nation's foremost expert on 419 plans, 412i plans,listed transactions,reportable transactions,Section 79 plans, captive Insurance plans
WEDNESDAY, JULY 23, 2014
IRS Says Most 419 Plans Are Abusive Tax Shelters On October 17, 2007, the IRS, in Notice 2007-83, identified as listed transactions certain trust arrangements involving cash value life insurance policies. Revenue Ruling 2007-65, issued simultaneously, addressed situations wherein the tax deduction has been disallowed, in whole or in part, for premiums paid on such cash value life insurance policies. These arrangements claim to be welfare benefit plans.
Read more here: IRS Says Most 419 Plans Are Abusive Tax Shelters Posted by Lance Wallach at 9:24 AM No comments: Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest
Labels: 419, 419 plan help, Abusive Tax shelters Audits, IRS, Lance Wallach, Lance Wallach Expert Witness TUESDAY, JULY 1, 2014
Tax Reduction Every business owner thinks he pays too much in taxes, and in reality, most actually do. These days your accountant has to "play it safe". This is not reducing your tax bill. Many times a tax preparer's work on a typical return is subject to 'interpretations' of the tax code. New legislation may force preparers who hope to lower a client's tax bill to be less aggressive with respect to these interpretations, or else they may risk substantially increased penalties.
Furthermore, if a tax preparer's client insists on an aggressive deduction, the preparer may include a form explaining the circumstances. This could eliminate the potential preparer penalty, but it is a certain red flag for the IRS.
This should anger taxpayers who feel strongly about particular deductions. What's more, these penalties do not apply to taxpayers preparing their own returns. This could prompt a taxpa
Did you Participate in a 419 or 412i Benefit Plan?
ReplyDeleteLance Wallach is the nation's foremost expert on 419 plans, 412i plans,listed transactions,reportable transactions,Section 79 plans, captive Insurance plans
WEDNESDAY, JULY 23, 2014
IRS Says Most 419 Plans Are Abusive Tax Shelters
On October 17, 2007, the IRS, in Notice 2007-83, identified as listed transactions certain trust
arrangements involving cash value life insurance policies. Revenue Ruling 2007-65, issued simultaneously,
addressed situations wherein the tax deduction has been disallowed, in whole or in part, for premiums paid on such cash value life insurance policies. These arrangements claim to be welfare benefit plans.
Read more here:
IRS Says Most 419 Plans Are Abusive Tax Shelters
Posted by Lance Wallach at 9:24 AM No comments:
Email This
BlogThis!
Share to Twitter
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Labels: 419, 419 plan help, Abusive Tax shelters Audits, IRS, Lance Wallach, Lance Wallach Expert Witness
TUESDAY, JULY 1, 2014
Tax Reduction
Every business owner thinks he pays too much in taxes, and in reality, most actually do. These days your accountant has to "play it safe". This is not reducing your tax bill.
Many times a tax preparer's work on a typical return is subject to 'interpretations' of the tax code. New legislation may force preparers who hope to lower a client's tax bill to be less aggressive with respect to these interpretations, or else they may risk substantially increased penalties.
Furthermore, if a tax preparer's client insists on an aggressive deduction, the preparer may include a form explaining the circumstances. This could eliminate the potential preparer penalty, but it is a certain red flag for the IRS.
This should anger taxpayers who feel strongly about particular deductions. What's more, these penalties do not apply to taxpayers preparing their own returns. This could prompt a taxpa