MONDAY, APRIL 22, 2013
Sometimes the IRS might disagree with planning you did with other advisors and you need to find help to ensure that your rights are protected, the facts are interpreted accurately and the law applied correctly. Lance Wallach is among the few in this country who fully understand the mechanics and legal issues surrounding what has become known as “419 Plans,” often welfare benefit plans for small companies funded with life insurance. For that reason taxpayers throughout the country seek his services of his ex IRS agents and tax attorney CPAs in dealing with the Internal Revenue Service in audits, appeals and in the Tax Court.
Expert Witness
Frankly, not everybody does it right. Whether through ignorance or ill-intent, some folks sell insurance based programs with tax benefits, such as419 Plans and 412(i) Plans, captive insurance, section 79 scams, or promote premium financing or STOLI programs to unsuspecting consumers leaving the consumer to be eaten alive, either by the IRS or by a turn in the economy, when all goes wrong. But the opposite is also true. One 419 Plan and some 412(i) Plans are very well designed and flawlessly implemented but the IRS just shoots first and aims second. Some legitimate premium financing might miscue. Building off of Lances knowledge of life insurance and the many ways life insurance has been and can be used in tax and wealth planning, lawyers for both plaintiffs and defendants throughout the US seek Lances services as an expert witness in cases between consumers and those who sold them these programs that develop after the IRS, right or wrong, initiates an audit or the investment goes under water. In looking for an expert witness examine the past. As an expert Lance Wallach’s side has never lost a case. Who else can say that?
Expert Witness
Frankly, not everybody does it right. Whether through ignorance or ill-intent, some folks sell insurance based programs with tax benefits, such as419 Plans and 412(i) Plans, captive insurance, section 79 scams, or promote premium financing or STOLI programs to unsuspecting consumers leaving the consumer to be eaten alive, either by the IRS or by a turn in the economy, when all goes wrong. But the opposite is also true. One 419 Plan and some 412(i) Plans are very well designed and flawlessly implemented but the IRS just shoots first and aims second. Some legitimate premium financing might miscue. Building off of Lances knowledge of life insurance and the many ways life insurance has been and can be used in tax and wealth planning, lawyers for both plaintiffs and defendants throughout the US seek Lances services as an expert witness in cases between consumers and those who sold them these programs that develop after the IRS, right or wrong, initiates an audit or the investment goes under water. In looking for an expert witness examine the past. As an expert Lance Wallach’s side has never lost a case. Who else can say that?
Lance Wallach
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Legal Professional Lance Wallach, CLU, CHFC in Plainview
LANCE WALLACH, CLU, CHFCExpert Witness
Plainview, United States
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ReplyDeleteWhat is an IRS Code Section 412(i) Defined Benefit Pension Plan?
Who should consider a 412(i) plan?
What are benefits of the 412(i) Plan for me and my company?
What are the advantages of a 412(i) plan over a traditional defined benefit plan?
Why is it desirable to qualify under 412(i) of the IRS Code?
How does a 412(i) Plan work?
What requirements must a plan meet to qualify under 412(i)?
What is the maximum benefit in a 412(i) plan?
Are 412(i) plans safe?
How do I make sure that my plan is approved by the IRS?
How are the contributions for a 412(i) Plan calculated?
What is the advantage of using contract guarantees to determine the funding?
Who pays for a 412(i) Plan?
How may I take distributions from my 412(i) Plan?
Are the contributions to my 412(i) plan tax-deductible?
Is there a tax on the growth of assets in the 412(i) plan?
Are my 412(i) Plan contributions subject to the Alternative Minimum Tax (AMT)?
With a 412(i) Plan can I receive an income tax deduction in excess of my salary?
Is an enrolled actuary required for my 412(i) plan?
If I have another plan in place can I still adopt a 412(i) plan?
What happens if someone dies while an active plan participant?
At retirement, what happens to the insurance in the plan?
How does the 412(i) Plan provide disability benefits?
How does the 412(i) Plan affect my employees*?
How do I fund my 412(i) Plan?
If the business has a bad year, can they skip a year of funding?
Who must be included in the plan?
Can I amend my 412(i) Plan?
Can I terminate my 412(i) Plan?
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