Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are filing lawsuits against those who marketed, designed and sold the plans. The 412(i) and 419(e) plans were marketed in the past several years as a way for small business owners to set up retirement or welfare benefits plans while leveraging huge tax savings, but the IRS put them on a list of abusive tax shelters and has more recently focused audits on them. By: Maryland Trial Lawyer - Dolan Media Newswires - January The penalties for such transactions are extremely high and can pile up quickly. There are business owners who owe taxes but have been assessed 2 million in penalties. The existing cases involve many types of businesses, including doctors' offices, dental practices, grocery store owners, mortgage companies and restaurant owners. Some are trying to negotiate with the IRS. Others are not waiting. A class action has been filed and cases in several states are ongoing. The business owners claim that they were targeted by insurance companies; and their agents to purchase the plans without any disclosure that the IRS viewed the plans as abusive tax shelters. Other defendants include financial advisers who recommended the plans, accountants who failed to fill out required tax forms and law firms that drafted opinion letters legitimizing the
The Offices of Lance Wallach : "America's leading Financial Services firm "(TM) Lance Wallach, Managing Director
Financial Planning Divison
Call us today: 516-938-5007
Email us at: LanWalla@aol.com The Lance Wallach advantage is credibility, experience & trust !!
Many advisory firms offer financial planning and investment services, but the difference is that Lance Wallach wrote the books on Life Insurance, Financial & Estate planning that the other consultants learned from!
If you want to sleep soundly at night, don't go to the students for your financial answers, go to the one who teaches them, Lance Wallach!
For the past 25 years, successful businesses and individuals have turned to Lance Wallach and his team for assistance, and they are glad they did! Life Insurance & Financial Planning
When you choose the Lance Wallach team, you are on the winning team ! Copyright (C) 2009 Lance Wallach All rights reserved
Lance Wallach, Managing Director, is the nation's 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 & 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."
* "The CPA's Guide to Life Insurance" by Bisk CPEasy
* Avoiding Circular 230 Malpractice Traps and Common Abusive Small Businesss Hot spots by the AICPA, author/moderator Lance Wallac
Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are filing lawsuits against those who marketed, designed and sold the plans. The 412(i) and 419(e) plans were marketed in the past several years as a way for small business owners to set up retirement or welfare benefits plans while leveraging huge tax savings, but the IRS put them on a list of abusive tax shelters and has more recently focused audits on them.
ReplyDeleteBy: Maryland Trial Lawyer - Dolan Media Newswires - January
The penalties for such transactions are extremely high and can pile up quickly.
There are business owners who owe taxes but have been assessed 2 million in penalties. The existing cases involve many types of businesses, including doctors' offices, dental practices, grocery store owners, mortgage companies and restaurant owners. Some are trying to negotiate with the IRS. Others are not waiting. A class action has been filed and cases in several states are ongoing. The business owners claim that they were targeted by insurance companies; and their agents to purchase the plans without any disclosure that the IRS viewed the plans as abusive tax shelters. Other defendants include financial advisers who recommended the plans, accountants who failed to fill out required tax forms and law firms that drafted opinion letters legitimizing the
ReplyDeleteThe Offices of Lance Wallach :
"America's leading Financial
Services firm "(TM)
Lance Wallach,
Managing Director
Financial Planning
Divison
Call us today:
516-938-5007
Email us at:
LanWalla@aol.com
The Lance Wallach advantage is credibility, experience & trust !!
Many advisory firms offer financial planning and investment services,
but the difference is that Lance Wallach wrote the books on Life
Insurance, Financial & Estate planning that the other consultants
learned from!
If you want to sleep soundly at night, don't go to the students for your
financial answers, go to the one who teaches them, Lance Wallach!
For the past 25 years, successful businesses and individuals have
turned to Lance Wallach and his team for assistance, and they are
glad they did!
Life Insurance & Financial Planning
When you choose the
Lance Wallach team, you
are on the winning team !
Copyright (C) 2009 Lance Wallach
All rights reserved
Lance Wallach, Managing Director, is the nation's
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 & 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."
* "The CPA's Guide to Life Insurance" by Bisk
CPEasy
* Avoiding Circular 230 Malpractice Traps and
Common Abusive Small Businesss Hot spots by
the AICPA, author/moderator Lance Wallac