Wednesday, January 23, 2013
That indicates the IRS can come back and fine you a lot of years later.
Internal Revenue Code
Internal Revenue CodeSection 79
Internal Revenue Code Section 79 Plans and Captive Insurance History
If you do not correctly file Form 8886, there is no Statute of Limitations. That indicates the IRS can come back and fine you a lot of years later. Everyone that desires to risk an IRS audit by utilizing a captive insurance or Section 79 scam need to, at the extremely least, engage a competent expert to file 8886 forms. By filing protectively and effectively, the Statute of Limitations starts running and you avoid the extremely big IRS penalties under 6707A.
By no means make use of directions from a plan promoter or salesman as to how to fill out 8886 forms. They would only be attempting to protect themselves, and performing so could result in you getting fined. Lance Wallach stated that he knows of many examples of this happening, which includes a program promoter who assisted almost 200 enterprise owners in preparing and filing 8886 forms. All of them got fined for improper preparation of the forms.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, financial, international tax, and estate planning. He writes about 412(i), 419, Section79, FBAR, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio’s All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as the AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com or visit www.taxadvisorexpert.com.
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
Want to get all your 412e3 or 419 money back?
Hartford life will settle a case on 419 usually without going to court.
Hartford life insurance company was emailed by lance wallach in 2002 warning that the insurance they put in 419 plans would be audited and problems and lawsuits and they did nothing. As an expert witness lance wallach has never lost a case. Google lance wallach.
412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
Lance Wallach is all over the net.