Avoid IRS Penalties: Help with Common IRS Problems: Section 79 Plans: 412IPLANS.ORG

Help with Common IRS Problems: Section 79 Plans: 412IPLANS.ORG: Section 79 Plans: 412IPLANS.ORG : 412IPLANS.ORG Registered User Registered 3,051 posts Posted 06 July 2010 - 11:04 AM I'd al...

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FinanceExperts.org is the association for the leading authorities in the fields of Accounting, Law, Taxation, Finance, Insurance and related fields.

Some of our prominent members include Lance Wallach, the National Society of Accountants Speaker of the Year and best selling financial author; Ira Kaplan, ESQ., CPA who is the leading legal expert on welfare benefit plans; Gary Garland, ESQ., a recognized authority on Trusts and Estates; Matthew Tuttle, CFP, a leading expert on wealth preservation planning.

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Journal of Accountancy January 2008
TAX MATTERS / TAX BRIEFS

ABUSIVE INSURANCE PLANS GET RED FLAG
By Lance Wallach

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 where the tax deduction has been disallowed, in part or in whole, for premiums paid on such cash-value life insurance policies. Also simultaneously issued was Notice 2007-84, which disallows tax deductions and imposes severe penalties for welfare benefit plans that primarily and impermissibly benefit shareholders and highly compensated employees.

Taxpayers participating in these listed transactions must disclose such participation to the Service by January 15. Failure to disclose can result in severe penalties--- up to $100,000 for individuals an

Avoid IRS Penalties

Help with Common IRS Problems: Section 79 Plans: 412IPLANS.ORG

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