Showing posts with label 419. Show all posts
Showing posts with label 419. Show all posts
Want To Get Audited, Here Is One Way.
Lance Wallach
One day your accountant suggested that she knew a life insurance agent who could help you with your taxes. You met with him, you listened to his pitch about a pension plan, and you asked a lot of questions. He suggested a 412iplan, whatever that is. From the initial description it sounded as if you would have to fund retirement for your rotating staff, which you weren’t interested in doing, but he told you that he could arrange an executive, carve out.
You’ve been hearing that the IRS is after “listed transactions” and you’re worried. Suddenly you’re having a tough time the insurance agent that sold you the plan return your calls. The insurance company whose products fund your plan has taken your calls, but for the fourth time in as many months an agent has promised to get back to you.
You have gone to a new accountant and you learn that the plan was unsuited for you, it was formed improperly, and it’s going to cost you a lot more money than you have to pay the IRS not to mention the accountant and the actuary to sort it all out. Now you are worried that the problems may wipe out your retirement nest egg and keep you working years longer than you intended.
Fortunately, there are ways to provide for your retirement that can afford you tax benefits while creating a solid retirement fund for your future so that you won’t have to be “that doctor”. However, getting there doesn’t necessarily start with cousin Tilly’s insurance agent friend or the “financial planner” you met on the golf course. If you want to avoid problems in your retirement plans, there are some things you should do.
Lance Wallach, CLU, ChFC, CIMC, speaks and writes
extensively about financial planning, retirement plans, and tax reduction
strategies. He is an American Institute
of CPA’s course developer and instructor and has authored numerous best selling
books about abusive tax shelters, IRS crackdowns and attacks and other tax
matters. He speaks at more than 20 national conventions annually and writes for
more than 50 national publications. For
more information and additional articles on these subjects, visit www.vebaplan.com, www.taxlibrary.us,
lawyer4audits.com or call 516-938-5007.
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.
As an expert witness Lance Wallach side has never lost a case: Abusive Tax Shelters & 419 Plans Lawsuits: IRS tax...
As an expert witness Lance Wallach side has never lost a case: Abusive Tax Shelters & 419 Plans Lawsuits: IRS tax...: Abusive Tax Shelters & 419 Plans Lawsuits: IRS tax relief firm, Lance Wallach, speaking: 412i-419 Plans: KENNETH ELLIOT: Sea Nine VEBA I...
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