Lance Wallach

IRS Audits 419, 412i, Captive Insurance Plans With Life Insurance, and Section 79 Scams

June 2011 By Lance Wallach The IRS started auditing 419 plans in the ‘90s, and then continued going after 412i and other plans that they considered abusive, listed, or reportable transactions, or substantially similar to such transactions. In a... Read >

How to Get Fined $100,000 by the IRS and Lose Your License - Accountants, Insurance Agents

By Lance Wallach, CLU, ChFC and Ira Kaplan, Esq., CPA, MBA Over the past decade, business owners have been overwhelmed by a plethora of arrangements designed to reduce the cost of providing employee benefits and taxes, while simultaneously increasin... Read >

How to Avoid the 6707A Abusive Tax Shelter Penalty

You were in a 412i retirement plan or 419 welfare benefit plan and either did not file, filed improperly, or did not file with your state. Accountants or other advisors will probably be fined as material advisors. This means that you are subject to a la... Read >

Guaranteed Ways to Get New Clients and Become Very Successful

The new way to get more business is through psychology. I work in the insurance industry and one thing that I have noticed is that many insurance relevant messages never get heard. They’re the wrong messages sent to the wrong target markets. Ask your... Read >

Participate in a 419 or 412i Plan or Other Abusive Tax Shelter? You Could be Fined $200,000 Per Year

Can you or your business afford to pay the IRS $200,000 a 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 tim... Read >

Being Audited by the IRS?

Abusive Insurance, Welfare Benefit, and Retirement Plans By Lance Wallach The IRS has various task forces auditing all section 419, section 412(i), and other plans that tend to be abusive. These plans are sold by most insurance agents. The IRS is lo... Read >

Why You Should Not Own Mutual Funds

Why You Should Not Own Mutual Funds By Lance Wallach Taxes take a large bite out of taxable mutual funds. Recent tax-break laws will end in 2010 and it would be smart for mutual fund investors to keep an eye on one of the main drags on pe... Read >

IRS DEADLINE OF OCTOBER 15 TO DECLARE FOREIGN SWISS ACCOUNTS

By: Lance Wallach The Internal Revenue Service will extend until October 15th its limited amnesty program for U.S. taxpayers with undeclared income on foreign accounts, according to government officials. The special voluntary disclosure program wa... Read >

Abusive Insurance, Welfare Benefit, and Retirement Plans

Abusive Insurance, Welfare Benefit, and Retirement Plans By Lance Wallach The IRS has various task forces auditing all section 419, section 412(i), and other plans that tend to be abusive. These plans are sold by most insurance agents. The IRS is lo... Read >

Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess

New and Bestselling AICPA CPE Self-Study Courses Best Sellers - March 2008 Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess Author/Moderator: Lance Wallach, CLU, CHFC, Publisher: AICPA Excerpts hav... Read >

Selling life insurance policies for profit

AccountingToday January 8-28 2007 THE BUSINESS NEWSPAPER FOR THE TAX & ACCOUNTING COMMUNITY Selling life insurance policies for profit By Lance Wallach Insurance policies with rising or re-appearing premiums can often cause th... Read >

Retirement plans come under new IRS scrutiny

Long Island Business News, June 15, 2007 Retirement plans come under new IRS scrutiny Lance Wallach Businesses should be aware that the Internal Revenue Service is increasing its examinations of companies' retirement plans,... Read >

NATP members propose new tax law changes

TaxPro Journal Fall 2008 If I Were President… NATP members propose new tax law changes Change. Americans have heard a lot of rhetoric over the past few months from politicians who are no longer satisfied with the status quo. Though you'd b... Read >

National Society of Accountants Speaker of the Year!

LANCE WALLACH, CLU, CHFC_________________ 68 Keswick Lane Plainview, New York 11803 Phone: (516) 938-5007 / 935-7346 Fax: (516)938-6330 Email: lawallach@aol.com www.vebaplan.com National Society of Accoun... Read >

Journal of Accountancy

Journal of Accountancy September 2008 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 Parts of this article are f... Read >