Internal Revenue Code
Internal Revenue Code
Section 79
Internal Revenue Code Section 79 Plans and Captive
Insurance History
The two people that have been profitable in
filing 8886 forms for business owners have had numerous conversations with IRS
personnel. They get the impression that it is almost impossible for an
accountant, tax attorney, or anybody else to properly prepare and file the
forms. One of them, who spent 35 plus years with the IRS, has also been
successful in fighting the IRS on penalties and fines assessed against
enterprise owners who participate in these plans, though the IRS publicly
claims that you cannot appeal the fine under 6707A.
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.
