419 Plans: Employers and Promoters Face Serious Problems with the IRS
If you’re the owner of a small business with a “419 plan” for your employees, you may be in serious trouble with the IRS, either now or in the near future. And the same is […]
Insurance Companies Are in Big Trouble and Most Do Not Know It
Many life insurance companies are using captive insurance to alter their books and look better. This could lead to another taxpayer bailout and insurance companies being taken over. This would put benefits in policies at […]
Watch out because the IRS is watching 419 Plans
A business owner wants legitimate tax planning ideas. One solution sometimes offered today is a 419(e) plan (419 Welfare Benefit Plan). The local insurance agent or the company’s CPA who may have an insurance sales […]
Do you Participate in any Abusive Tax Shelter?
You Could Be Fined $200000 Per Year!! Did you get a letter from the IRS threatening to impose this fine? If you haven’t already, you still may. Consider yourself lucky if you have not because […]
IRS Attacks Accountants and Business Owners – Senate Response
Senator Ben Nelson (D-Nebraska) has sponsored legislation (S.765) to curtail the IRS and its nearly unlimited authority and power under Code section 6707A. Senator Nelson is actively seeking co-sponsors of the bill. The bill seeks […]
412i, 419, Captive Insurance and Section 79 Plans; Buyer Beware
The IRS has been attacking all 419 welfare benefit plans, many 412i retirement plans, captive insurance plans with life insurance in them, and Section 79 plans. IRS is aggressively auditing various plans and calling them […]
More Problems for 419 Plans
For years, life insurance companies and agents have tried to find ways of making life insurance premiums paid by business owners tax deductible. This would allow them to sell policies at a “discount.” The problem […]
Life Agents and Accountants Fined $100,000 for Selling 419 and Other Insurance Plans
Accountants and others fined $100,000 for signing tax returns and selling 419, 412i and other abusive life insurance plans. – Accounting Today – ‘Don’t Become A Material Advisor’ – Accountants, insurance professionals and others need […]
419 Life Insurance Plans and Other Scams – Large IRS Fines
– The IRS Raids Plan Promoters, What Does All This Mean To You? Recently IRS raided Benistar, which is also known as the Grist Mill Trust, the promoter and operator of one of the better […]
419 Insurance Welfare Benefit Plans Continue To Get Accountants Into Trouble
by Lance Wallach Popular so-called “419 Insurance Welfare Benefit Plans”, sold by most insurance professionals, are getting accountants and their clients into more and more trouble. A CPA who is approached by a client about […]
Have you invested in a 419, 412i or Section 79 pension plan?
If so, get to know the real truth behind your investment and what you can do to defend yourself. Since 2004, the IRS has amended the tax laws regarding these plans and thus has placed […]
The 419(e) Plan Is a Good Option—If Handled Well
If your clients who are business owners are thinking about setting up a 419(e) single-employer welfare benefit arrangement plan, beware: It must be airtight to escape the tentacles of the Internal Revenue Service. A 419(e) […]