Reportable Transactions & 419 Plans Litigation: Lance Wallach Life Insurance: Life Insurance Claim
Reportable Transactions & 419 Plans Litigation: Lance Wallach Life Insurance: Life Insurance Claim...: Lance Wallach Life Insurance: Life Insurance Claims Denial Information - Lawyers... : Major news sources throughout the United States report...
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Form 8886 & 419 Plans Litigation
ReplyDelete412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
Tuesday, May 1, 2012
IRS audits and Lawsuits
Published by
HG Experts.com
April 24, 2012 By Lance Wallach, CLU, CHFC
419 and 412i plans being audits, insurance agents sued.
Get Sued
By Lance Wallach Wednesday, April 8,
The IRS is cracking down on what it considers to be abusive tax shelters. Many of them are being marketed to small business owners by insurance professionals, financial planners and even accountants and attorneys. I speak at numerous conventions, for both business owners and accountants. And after I speak, I am always approached by many people who have questions about tax reduction plans that they have heard about. Below are the most common.
419 tax reduction insurance plans
These come in various versions, and most of them have or will get the participant audited and the salesman sued. They purportedly allow the business owner to make a large tax-deductible contribution, and some or all of the contribution pays for a life insurance product. The IRS has been disallowing most versions of these plans for years, yet they continue to be sold. After everyone gets into trouble and the insurance agents get sued, the promoters of the abusive versions sometimes change the name of their company and call the plan something else. The insurance companies whose policies are sold are legitimate compan