March 2008 Member of the Month
-Lance Wallach, CLU, CHFC, CIMC
Lance Wallach, Plainview NY, is a member of
the AICPA faculty of teaching professionals and
an AICPA course developer. He speaks at more
than 70 national conventions a year on topics
including retirement plans, financial and estate planning, reducing health insurance costs,
and tax-oriented strategies. He writes for numerous publications, and has authored many
books for the AICPA and Bisk.
In addition, Lance has been named NSA “Speaker of the Year”. Congratulations,
Lance, on also being chosen NATP’s March Member of the Month!
Q. How many years have you been in the industry?
A. I have been writing and speaking about tax, insurance, financial planning and
related matters for about 35 years. Because my associates are leading authorities in
these fields, I have had great access to cutting edge information that others have
wanted. My friends in the industry have also assisted in giving me useful information.
Friends like Sid Kess, Esq., CPA, who has lectured to more than 715,000 practitioners
on tax, and Ira Kaplan, Esq., CPA, have taught me how to present to audiences. Editors
at the AICPA, Bisk, etc. have taught me what readers really want to know. I have just
finished two books for Bisk, and two courses for the AICPA. By speaking at national
conventions such as those of the American Association of Attorney Certified Public
Accountants, the American Society of Pension Actuaries, the National Association of
Tax Professionals, and the National Society of Accountants, I have had the opportunity
to discuss important issues with IRS officials who were also speaking at these
Q. What brought you to NATP and what keeps you as a member?
A. Many years ago the National Association of Tax Professionals asked me to speak at
their national convention. I found out about how wonderful the organization was, and
have been a member since. In fact, many of the conventions that I now speak at are a
result of someone seeing me speak at the NATP and recommending me. I have also
been privileged to write for the NATP publications. As a result, I have received
hundreds of phone calls from members, some of whom have become my friends. I have
also enjoyed mentoring members of the organization.
Q. What are the biggest challenges facing tax professionals today?
A. I think the biggest challenge facing tax professionals is the IRS trying to make them
policemen. Most tax professionals do not realize that they can now be subject to large
fines for nondisclosure of certain activities of their clients. I have authored a few
books for the AICPA on these issues. In fact, allowing an item on a client’s tax return
that turns out to be a listed transaction can be disastrous. This can happen even if the
item became listed after the fact, and even if the tax professional never knew that it
was listed or abusive. I have spoken at hundreds of conventions about abusive
products that clients are buying. Most professions think that these products are
legitimate, or think that they are retirement plans, etc. Without further education, the
Tax Pro can lose his or her career, not to mention being sued.
Q. What are your goals for the future personally and for your career?
A. Most of my extra time is now spent helping tax professionals get their clients out of
abusive or just bad financial products. I think that will involve more of my future time.
Q. Did you ever have a "defining moment," an embarrassing moment, or another
memorable experience related to your career as a tax preparer?
A. One of my most memorable experiences was being named the National Society of
Accountants “Speaker of the Year”.
Lance always welcomes hearing from NATP members.
You can contact him at 516-938-5007 or email email@example.com
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