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 this means that you have more time to straighten this situation out.
Do not wait for this letter to come from the IRS before you call an expert to help you. Even if you have been audited already, you could still get the letter and/or fine. One has nothing to do with the other, and once the fine has been imposed, it can not be appealed.
Businesses that participated in a 412i retirement plan or the IRS is auditing a 419-welfare benefit plan, may be the ones in trouble because these plans were not in compliance with the law and are considered abusive tax shelters.
Many business owners are not even aware that the welfare benefit plan or retirement plan that they are participating in may be an abusive tax shelter and that they are in serious jeopardy of huge IRS penalties for each year that they have been in this type of plan.