IRS Attacks Business Owners in 419, 412, Section 79 and Captive Insurance Plans Under Section 6707A
Small Business Retirement Plans Fuel Litigation: Article from Dolan Media Newswires: "Originally published 1/22/2010 Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are..."
Subscribe to:
Post Comments (Atom)
BLOG
ReplyDeleteThe expert on IRS audits of 419e and 412i plans, 6707A, listed and reportable transactions,Section 79, captive insurance and abusive tax shelters
MenuSkip to content
Home
About
CALL NOW 516-938-5007 FOR FREE 5MIN TELEPHONE CONSULTATION WITH LANCE WALLACH!!
Please click here to Contact Mr. Wallach.
OUR MESSAGE FORUM:
Free Online ForumClick here to enter our Message Forum
Subscribe to via Email
LANCE WALLACH, LLC
63 Keswick Lane
Plainview NY, 11803
526-938-5007
M-F 8am-8pm
Search
ARCHIVES
CATEGORIES
FANPAGE
TWITTER
Be careful of abusive 419(e) welfare benefit plans
MARCH 24, 2015
Originally posted on 419.Tax:
accounting-today-logo BY LANCE WALLACH AND RONALD H. SNYDER
Life insurance agents and companies have always tried to find ways of making costs paid by business owners tax deductible.
The situation became ridiculous a few years ago with outrageous claims about how Sections 419A(f)(5) and (6) of the Internal Revenue Code exempted employers from any tax-deduction limitations. Finally, the Internal Revenue Service put a stop to such egregious misrepresentations in 2002 by issuing regulations and naming such plans as “potentially abusive tax shelters” (or “listed transactions”) that needed to be registered and disclosed to the IRS.
And what happened to the providers that were peddling Sections 419A(f)(5) and (6) life insurance plans a few years ago? We recently found the answer: Most of them found a new life as promoters of so-called “419(e)” welfare benefit plans.
IRC Section 419(e) provides a definition of the term “welfare benefit fund” and provides that it…
View original 578 more words