Showing posts with label Lance Wallach. Show all posts
Showing posts with label Lance Wallach. Show all posts
Lance Wallach | Remodeling
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..."
Lance Wallach's wisdom is sought after by many news outlets.
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..."
FBAR/OVDI LANCE WALLACH: FBAR & International Tax Alert Report
FBAR/OVDI LANCE WALLACH: FBAR & International Tax Alert Report: The willful failure to file the FBAR report or retain records of your foreign accounts can potentially lead to a ten-year prison sentenc...
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..."
FBAR/OVDI LANCE WALLACH: Hiding Income Offshore
FBAR/OVDI LANCE WALLACH: Hiding Income Offshore: Over the years, numerous individuals have been identified as evading U.S. taxes by hiding income in offshore banks, brokerage accounts or n...
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..."
Should You File, and Then Opt out? - HG.org
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..."
Expert help with 419a, 419e, 419, 412i, welfare benefit plans, 6707a penalties, form 8886, IRS audits, Section 79, Captive insurance, FBAR, tax masters, jk harris, wpi, us tax shield
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..."
Section 79-Code
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.
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..."
Important FBAR and International Tax Information For 2014
By Lance Wallach
For individual tax returns (Forms 1040) due to be filed in 2014 (due this year by April 15, 2014, unless extended), the IRS has issued Form 8938, "Statement of Specified Foreign Financial Assets," requiring the disclosure of certain foreign accounts and assets.
Whether an individual is required to file this form is complicated, but basically this applies to the following assets if owned in 2013:
Financial accounts in foreign financial institutions.
Any stock or securities issued by foreign corporations or entities, any interest in a foreign partnership, trust or estate, as well as any financial instrument or contract issued by a foreign person, and foreign pension plans and deferred compensation arrangements (but not foreign social security). You are not, however, required to report foreign assets (1) if the assets are held in a U.S. brokerage account; (2) if you are required to disclose the asset on certain other tax form such as Form 3520 or Form 5471; or (3) if such assets (other than stock) are used in your trade or business.
Whether you have to file Form 8938 depends on the total value of such foreign assets at year end as well as the highest value at any point in the year. For U.S. citizens and residents filing joint tax returns, you must file Form 8938 if the year-end value of the foreign assets is $100,000 or more or, if the value at any time during the year exceeded $150,000. On joint returns, all foreign-based assets owned by the spouses are considered in determining these thresholds. For married spouses filing separately and for unmarried persons, the thresholds are $50,000 (year end) and $75,000 (high value during the year).
There are different rules regarding certain persons who live abroad. There are also rules regarding valuation of certain assets. These are spelled out in greater detail in the Form 8938 instructions.
If required, Form 8938 is to be filed with your Federal Income Tax Return (Form 1040). Currently only individuals having filing requirements must fill out the Form 8938, but it is expected that this will be extended to corporations, partnerships and trusts in the future.
The IRS may impose penalties for failure to file Form 8938 if you lack reasonable cause or willfully neglected to file. In addition, if you underpay your tax as a result of a transaction involving an undisclosed foreign financial asset, the penalty for such failure may be 40 percent of the underpayment (instead of the normal 20 percent). In addition, the statute of limitations for assessing tax may be extended if you fail to file the form.
It is important to note that Form 8938 is in addition to the annual Foreign Bank Account Form or "FBAR," which has different filing requirements. The FBAR, generally is required if you have ownership or signature authority over one or more foreign bank accounts with a value of over $10,000 on any date in the prior year. The FBAR is not part of your income tax return, but is filed separately and must be received by the Department of Treasury in Detroit by June 30 (timely mailing does not apply to that form).
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, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, 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 Public 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 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.taxaudit419.com and www.taxlibrary.us
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.
For individual tax returns (Forms 1040) due to be filed in 2014 (due this year by April 15, 2014, unless extended), the IRS has issued Form 8938, "Statement of Specified Foreign Financial Assets," requiring the disclosure of certain foreign accounts and assets.
Whether an individual is required to file this form is complicated, but basically this applies to the following assets if owned in 2013:
Financial accounts in foreign financial institutions.
Any stock or securities issued by foreign corporations or entities, any interest in a foreign partnership, trust or estate, as well as any financial instrument or contract issued by a foreign person, and foreign pension plans and deferred compensation arrangements (but not foreign social security). You are not, however, required to report foreign assets (1) if the assets are held in a U.S. brokerage account; (2) if you are required to disclose the asset on certain other tax form such as Form 3520 or Form 5471; or (3) if such assets (other than stock) are used in your trade or business.
Whether you have to file Form 8938 depends on the total value of such foreign assets at year end as well as the highest value at any point in the year. For U.S. citizens and residents filing joint tax returns, you must file Form 8938 if the year-end value of the foreign assets is $100,000 or more or, if the value at any time during the year exceeded $150,000. On joint returns, all foreign-based assets owned by the spouses are considered in determining these thresholds. For married spouses filing separately and for unmarried persons, the thresholds are $50,000 (year end) and $75,000 (high value during the year).
There are different rules regarding certain persons who live abroad. There are also rules regarding valuation of certain assets. These are spelled out in greater detail in the Form 8938 instructions.
If required, Form 8938 is to be filed with your Federal Income Tax Return (Form 1040). Currently only individuals having filing requirements must fill out the Form 8938, but it is expected that this will be extended to corporations, partnerships and trusts in the future.
The IRS may impose penalties for failure to file Form 8938 if you lack reasonable cause or willfully neglected to file. In addition, if you underpay your tax as a result of a transaction involving an undisclosed foreign financial asset, the penalty for such failure may be 40 percent of the underpayment (instead of the normal 20 percent). In addition, the statute of limitations for assessing tax may be extended if you fail to file the form.
It is important to note that Form 8938 is in addition to the annual Foreign Bank Account Form or "FBAR," which has different filing requirements. The FBAR, generally is required if you have ownership or signature authority over one or more foreign bank accounts with a value of over $10,000 on any date in the prior year. The FBAR is not part of your income tax return, but is filed separately and must be received by the Department of Treasury in Detroit by June 30 (timely mailing does not apply to that form).
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, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, 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 Public 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 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.taxaudit419.com and www.taxlibrary.us
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.
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..."
Lance Wallach
Lance Wallach, National Society of Accountants Speaker
of the Year is featured at more than 20 conventions annually, including
the annual national
conventions of the American Association of Attorney - Certified Public
Accountants, National Society of Accountants, National Network of Estate
Planning Attorneys, National Association of Tax Practitioners, National
Association of Enrolled Agents, National Association of Health Underwriters,
American Society of Pension Actuaries, Employee Benefits Expo, Health Insurance
Underwriters, NAPFA, NAIFA, FPA, NABA, ALPFA and more. He writes for over fifty
publications about tax reduction ideas, abusive welfare benefit and retirement
plans, captive insurance companies, cash balance plans, life settlements,
premium finance, and more. He is a course developer and instructor for the
American Institute of Certified Public Accountants.
Lance is a prolific author, having written or collaborated
on numerous books, including "The CPAs' Guide to Life Insurance"
published by Bisk Education, "The Team Approach to Tax and Financial
Planning," published by the American Institute of CPAs, and most recently
"Protecting Clients from Fraud, Incompetence, and Scams" published by
Wiley. He also writes books for various national business associations which
are sold to their members and others. He has served as an expert witness on
various issues, and to date his side has never lost a case.
He has appeared on radio and TV financial programs, most
recently, on National Public Radio and NBC 25. He also consults on VEBAs for
both public and private companies and governmental entities.
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..."
Meet Lance Wallach
Lance Wallach, Managing Director, is the nations leading
expert on life insurance, annuities,
retirement & financial planning for business executives, sports figures, entertainers, affluent families and successful entrepreneurs.
Mr. Wallach is a member of the AICPA faculty of teaching professionals, a frequent keynote speaker
at business conventions, a best selling financial author, and a renowned national financial expert in
many court cases.
Some of Mr. Wallach best selling financial and law books are:
* "Wealth Preservation Planning" by the National Society of Accountants
* "The CPA's Guide to Federal & Estate Gift Taxation" published by Bisk
* The AICPA's "The team approach to Tax, Financial & Estate planning."
retirement & financial planning for business executives, sports figures, entertainers, affluent families and successful entrepreneurs.
Mr. Wallach is a member of the AICPA faculty of teaching professionals, a frequent keynote speaker
at business conventions, a best selling financial author, and a renowned national financial expert in
many court cases.
Some of Mr. Wallach best selling financial and law books are:
* "Wealth Preservation Planning" by the National Society of Accountants
* "The CPA's Guide to Federal & Estate Gift Taxation" published by Bisk
* The AICPA's "The team approach to Tax, Financial & Estate planning."
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..."
Comments for Lance’s review of Protecting Clients from Fraud, Incompetence and Scams
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..."
Google - Bookmarks
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..."
Lawline.com Faculty Member Lance Wallach
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..."
Group Captives Insurance Scam - HG.org
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| by Lance Wallach |
Just a few years ago, captive insurance companies were a hot news item in the arcane world of abusive tax shelters. Sleazy promoters were signing up small businesses in droves. If you created a cell captive as a property and casualty loss management tool, it’s probably legitimate. If you “bought” an off the shelf captive from a promoter who promised tax savings, there is a good chance you own an abusive tax shelter.
After the initial wave of fraud and audits, many of the bad promoters went away. New reports suggest that captives are again making a comeback. And with the next generation of captives will come the inevitable fraudsters looking to catch a free ride on the resurgent popularity of these products.
The new wave of captive insurance companies are sometimes called cell captive insurance companies or “group captives.” We have also seen them called rent-a-captive, segregated account companies, segregated portfolio companies and incorporated protected cell companies. Whatever they are called, if properly set up they can be completely legal and valuable risk management tool.
The IRS issued a bulletin in 2008 to give guidance on these products including whether premiums can be deductible as insurance costs. The IRS says there must be adequate risk shifting and distribution to be considered “insurance.”
The scam promotions typically offer to shelter a large sum of money by calling it an insurance premium. The premium is usually the same dollar amount as the deduction you seek. The promoter offers “insurance” on a highly improbable risk. Hurricane insurance in Nebraska, anyone? Magically, you get a big deduction and in a few years you are promised the ability to get back your money in the form of a “premium refund” or dividend. Sound familiar? You probably purchased an abusive tax shelter.
The new wave of captive insurance companies are sometimes called cell captive insurance companies or “group captives.” We have also seen them called rent-a-captive, segregated account companies, segregated portfolio companies and incorporated protected cell companies. Whatever they are called, if properly set up they can be completely legal and valuable risk management tool.
The IRS issued a bulletin in 2008 to give guidance on these products including whether premiums can be deductible as insurance costs. The IRS says there must be adequate risk shifting and distribution to be considered “insurance.”
The scam promotions typically offer to shelter a large sum of money by calling it an insurance premium. The premium is usually the same dollar amount as the deduction you seek. The promoter offers “insurance” on a highly improbable risk. Hurricane insurance in Nebraska, anyone? Magically, you get a big deduction and in a few years you are promised the ability to get back your money in the form of a “premium refund” or dividend. Sound familiar? You probably purchased an abusive tax shelter.
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..."
Guaranteed Ways to Grow Your Business
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..."
CJA & Associates and 412i, 419, and Other Abusive Plans | Lance Wallach
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..."
Captive Insurance - Buyer Beware!
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..."
Call for Tax Resolution, IRS Audit Defense, Expert Witness Lance Wallach
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..."
Don't face an audit alone! You can avoid 6707A penalties if you are facing an IRS 419 plan or 412i plan audit. Call these experts today for a free phone consultation.
Don't face an audit alone! You can avoid 6707A penalties if you are facing an IRS 419 plan or 412i plan audit. Call these experts today for a free phone consultation.
http://taxadvisorexperts.com/
http://taxadvisorexperts.com/
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..."
Lance Wallach | BenefitsPro
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..."
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