Lances Vids: Taxlibrary: Taxlibrary - By Lance Wallach, CLU, CHFC
Insurance companies, agents, financial planners, and others have pushed abusive 419 and 412i plans for years Section 79 Scams and Captive Insurance History
If you do not properly file Form 8886, there is no Statute of Limitations. That means the IRS can come back and fine you many years later. Anyone that wants to risk an IRS audit by utilizing a captive insurance or Section 79 scam should, at the very least, engage a competent professional to file 8886 forms. By filing protectively and properly, the Statute of Limitations starts running and you avoid the very large IRS penalties under 6707A. But as I have previously stated, I only know two people who I would trust to undertake the preparation of the forms, especially if the forms are not being filed timely.
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