Section 79 Plans Your Best Resource for Section 79 Questions, Problems, Information 516-938-5007 deductions for contributions to it in 2002 and 2005. The returns did not include a Form 8886, Reportable Transaction Disclosure Statement, or similar disclosure. The IRS disallowed the latter deduction and adjusted the 2004 return of shareholder Robert Prosser and his wife to include the $50,000 payment to the plan. Click here to read more. Plan administrators frustrated with IRS attacks on 412i, 419e plans
IRS Auditing 412(i) Plans Our tax resolution offices have received calls regarding the following companies or plans: CJA, CJA and Associates Information You Need to Know Section 79 and captive insurance plans with life insurance in them are being looked at by the IRS. We have received calls from people that are being audited. - The dangers of being "listed" - A warning for 419, 412i, Sec.79 and captive insurance. Accounting Today: October 25, 2010, By: Lance Wallach Taxpayers who previously adopted 419, 412i, captive insurance or Section 79 plans are in big trouble. To Read More:
Offshore International Today Aug 2011
You may want to think about participation in the IRS’ offshore tax amnesty program (called the Offshore Voluntary Disclosure Initiative). Do you want to play audit roulette with the IRS? Some clients think they are too small to be prosecuted. They are wrong. To the average businessperson, only the guys with tens of millions secretly stashed in Swiss bank accounts get prosecuted. Don't tell that to Michael Schiavo. He was just prosecuted for hiding money in a Swiss account back in 2003. How much money does the IRS say he hid? A whopping $90,000. That’s it. But wait, there is more to the story. Schiavo attempted to do a quiet disclosure during the 2009 amnesty but instead of filling out the amnesty paperwork, he simply trusted that by coming forward voluntarily he could avoid criminal prosecution. He was wrong on all counts. Nothing is too small for the IRS, and nothing is too old. “So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time, not to mention steep penalties that could very easily eat up the entire $90,000, and also his criminal and civil defense costs. The smart taxpayers are the ones coming forward and not having to look over their shoulders for the next 10 years. Time is running out. The tax amnesty runs through August but it takes at least days to jump through all the hoops. We will also fight hard to reduce the penalties down even more. Remember, the IRS can go as low as 5%. Don’t want this to happen to you? Visit taxadvisorexpert.com today! Copyright (C) 2014 Lance Wallach All rights reserved Most people have never heard of a Section 79 Plan, because it is a wealth building tool pitched by insurance agents who really do not understand the math behind the plan.
Section 79 Plans
ReplyDeleteYour Best Resource for Section 79 Questions, Problems, Information
516-938-5007
deductions for
contributions to it in 2002 and 2005. The returns did not include a Form 8886, Reportable
Transaction Disclosure Statement, or similar disclosure. The IRS disallowed the latter deduction
and adjusted the 2004 return of shareholder Robert Prosser and his wife to include the $50,000
payment to the plan. Click here to read more.
Plan administrators frustrated with IRS attacks
on 412i, 419e plans
IRS Auditing 412(i) Plans
Our tax resolution offices have received calls regarding the
following companies or plans: CJA, CJA and Associates
Information You Need to Know
Section 79 and captive insurance plans with life insurance in them are being looked at by the
IRS. We have received calls from people that are being audited. - The dangers of being
"listed" - A warning for 419, 412i, Sec.79 and captive insurance. Accounting Today: October
25, 2010, By: Lance Wallach
Taxpayers who previously adopted 419, 412i, captive insurance or Section 79 plans are in big
trouble. To Read More:
Offshore International Today Aug 2011
You may want to think about participation in the IRS’ offshore tax amnesty program (called the
Offshore Voluntary Disclosure Initiative). Do you want to play audit roulette with the IRS? Some
clients think they are too small to be prosecuted. They are wrong.
To the average businessperson, only the guys with tens of millions secretly stashed in Swiss
bank accounts get prosecuted. Don't tell that to Michael Schiavo. He was just prosecuted for
hiding money in a Swiss account back in 2003. How much money does the IRS say he hid? A
whopping $90,000. That’s it.
But wait, there is more to the story. Schiavo attempted to do a quiet disclosure during the 2009
amnesty but instead of filling out the amnesty paperwork, he simply trusted that by coming
forward voluntarily he could avoid criminal prosecution. He was wrong on all counts. Nothing is
too small for the IRS, and nothing is too old.
“So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time,
not to mention steep penalties that could very easily eat up the entire $90,000, and also his
criminal and civil defense costs.
The smart taxpayers are the ones coming forward and not having to look over their shoulders
for the next 10 years.
Time is running out. The tax amnesty runs through August but it takes at least days to jump
through all the hoops. We will also fight hard to reduce the penalties down even more.
Remember, the IRS can go as low as 5%. Don’t want this to happen to you? Visit
taxadvisorexpert.com today!
Copyright (C) 2014 Lance Wallach
All rights reserved
Most people have never heard of a Section 79 Plan, because it is a wealth building tool pitched by
insurance agents who really do not understand the math behind the plan.
National
Office
516-938-5007
Email:
section79expert