| Lance Wallach Managing Director |
| The Offices of Lance Wallach |
| Serving clients nationwide Call us today: 516-938-5007 or 516-935-7346 Email us at: LanWalla@aol.com |
| Every one of our consulting attorneys, CPAs & ex IRS Agents has over 25 years of professional experience! We believe that no firm has more experienced professionals to assist our clients than we do! |
Specializing in the following services:
Expert Witness Testimony For:
* Taxes
* Insurance & retirement plan cases
* SSI & Disability Advocates
“Benistar Plan is a thinly disguised vehicle for unlimited tax-deductible investments.”
In a recent U.S. Tax Court case, taxpayers suffered a double loss. The taxpayers, consisting of four
couples, had purchased welfare benefit plans marketed by Benistar 419 Plan Services. Under the
plan, Benistar provided preretirement life insurance to select employees of companies enrolled in
the plan. Small employers like the plans because they allow pretax contributions to be shielded
from taxation.
To Read More:
Benistar Problems
July
The Newspaper of the NYSSCPA
Vol. 10, No.13
IRS Clarifies Legality of 419(e) Plans
By Lance Wallach, CLU, ChFC, CIMC, and Ron Snyder, JD, EA
Following the U.S. Congress’ lead, on April 10 the IRS issued final regulations under Section
409A of the Internal Revenue Code. If the rules seemed unclear before, they are crystal clear
now: Most of the so-called “419(e)” plans as well as the remaining 419A(f)(6) plans are in
violation of the law and subject to hefty penalties.
A 419(e) plan is a benefit plan that generally seeks to make the purchase of life insurance tax-
deductible to employers. While the concept is appealing, most of the existing arrangements have
permitted the plans to transfer the insurance policies to the participants upon retirement.
To Read More Click Here
 | "IRS audit appeals" | |
| U.S. 'Tax Court' cases | |
| Multinational taxation consulting | |
| Incorporating your business | |
| Recovering losses from insurance companies |
- & brokerage firms
| "Tax shelter analysis" | |
| "Pension plan reviews" & evaluations | |
| "419"& "412i" benefit plan analysis | |
| "419" & "412i plan" remediation | |
| Offshore tax shelter issues | |
| IRS "listed transactions" assistance |
Expert Witness Testimony For:
* Taxes
* Insurance & retirement plan cases
* SSI & Disability Advocates
Our consulting attorneys, CPAs & ex IRS agents have helped our clients save hundreds of thousands of dollars successfully defending them in lawsuits, IRS audits & cutting IRS penalties. |
| "America's leading Tax representing Firm "(TM) |
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516-938-5007 taxaudit419.com
The Lance Wallach Network TaxAudit419.com ReportableTransactions Listed Transactions IRS6707Apenalty IRSform8886 TaxAdvisorExperts ExpertTaxAdvisors Taxlibrary.us |
If The IRS Contacts You...
Lance Wallach
Keep your mouth shut-take this advice seriously.
If you give the agents any opening, you're dead.
They'll start with soft background questions, but before you know it, will have trapped you. And many
questions won't be genuine-that is, the agents already know the answers and are asking only to
see if you will lie or confess.
Questions typically asked by agents include:
Have you reported all of your income?
To Read More Click Link: If The IRS Contacts You...
Lance Wallach
Keep your mouth shut-take this advice seriously.
If you give the agents any opening, you're dead.
They'll start with soft background questions, but before you know it, will have trapped you. And many
questions won't be genuine-that is, the agents already know the answers and are asking only to
see if you will lie or confess.
Questions typically asked by agents include:
Have you reported all of your income?
To Read More Click Link: If The IRS Contacts You...
“Benistar Plan is a thinly disguised vehicle for unlimited tax-deductible investments.”
In a recent U.S. Tax Court case, taxpayers suffered a double loss. The taxpayers, consisting of four
couples, had purchased welfare benefit plans marketed by Benistar 419 Plan Services. Under the
plan, Benistar provided preretirement life insurance to select employees of companies enrolled in
the plan. Small employers like the plans because they allow pretax contributions to be shielded
from taxation.
To Read More:
Benistar Problems
| Abusive Insurance and Retirement Plans Single–employer section 419 welfare benefit plans are the latest incarnation in insurance deductions the IRS deems abusive BY LANCE WALLACH SEPTEMBER To read More Click Here Now |
| Are You A Material Advisor Click link now |
Captive insurance plans,
want to get audited?
Lance Wallach
When one scheme fails it isn’t long before a
resourceful promoter comes up with a
different product. Inevitably promoters find
some lawyer or accountant to draft a
favorable opinion letter and a new industry
is born. In a few years, however, the IRS
catches up and declares the arrangement
to be a listed transaction and abusive tax
shelter. As an expert witness I have never
lost a case in this field. It is easy to beat the
deep pockets of the insurance companies
who provide product to these plans. Even
though they have business owners sign
fraudulent disclaimers saying that the
owners will get their own tax advice. These
disclaimers are then used when the
inevitable happens, the IRS audits and the
business owner sues the insurance
company.
Click Here now to Read More
want to get audited?
Lance Wallach
When one scheme fails it isn’t long before a
resourceful promoter comes up with a
different product. Inevitably promoters find
some lawyer or accountant to draft a
favorable opinion letter and a new industry
is born. In a few years, however, the IRS
catches up and declares the arrangement
to be a listed transaction and abusive tax
shelter. As an expert witness I have never
lost a case in this field. It is easy to beat the
deep pockets of the insurance companies
who provide product to these plans. Even
though they have business owners sign
fraudulent disclaimers saying that the
owners will get their own tax advice. These
disclaimers are then used when the
inevitable happens, the IRS audits and the
business owner sues the insurance
company.
Click Here now to Read More
July
The Newspaper of the NYSSCPA
Vol. 10, No.13
IRS Clarifies Legality of 419(e) Plans
By Lance Wallach, CLU, ChFC, CIMC, and Ron Snyder, JD, EA
Following the U.S. Congress’ lead, on April 10 the IRS issued final regulations under Section
409A of the Internal Revenue Code. If the rules seemed unclear before, they are crystal clear
now: Most of the so-called “419(e)” plans as well as the remaining 419A(f)(6) plans are in
violation of the law and subject to hefty penalties.
A 419(e) plan is a benefit plan that generally seeks to make the purchase of life insurance tax-
deductible to employers. While the concept is appealing, most of the existing arrangements have
permitted the plans to transfer the insurance policies to the participants upon retirement.
To Read More Click Here