It’s not worth it!
Stay away from 419 and similar plans like Section 79 plans. Be very careful with 412i plans. Avoid most captive insurance plans.
It’s getting closer to the end of the year. This is when every scammer known to man/woman comes out of the woodwork to sell some fly-by-night tax-deductible plan to clients. Sometimes they come in the form of an accountant, insurance agent-financial planner, or even an attorney. I see this in all of my expert witness cases and when I speak at conventions. I have seen this since the 1990s. I wanted to remind readers that, if it sounds too good to be true, it probably is.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com or visit www.taxaudit419.com.
Customers of James Cunningham d/b/a Cunningham Financial or CFG Consulting LLC? We want to speak with you!
ReplyDeleteJames Cunningham is an insurance agent licensed to do business in Arizona and Utah. According to his website, he specializes in tax strategy and tax planning for chiropractors, dentists, business owners and physicians. He claims to have conducted “hundreds of seminars and has consulted thousands of Business Owners and Individuals.”
We have received information that he has sold many of these plans to doctors across the U.S. If you are one of these individuals, we would love to hear from you.
A potential client reports that Cunningham placed him in an abusive tax shelter called a welfare benefit plan. The plan is a product of a Connecticut company called Grist Mill Trust – the founders and owners of Grist Mill may also be using the name Benistar or Nova.
While some of these welfare benefit plans are legal, many of these plans are considered abusive tax shelters by the IRS subjecting the taxpayer to hundreds of thousands dollars of fines. We are very familiar with the products of Grist Mill / Benistar but have not encountered Mr. Cunningham previously. Presently we are conducting an investigation to see if he has acted illegally and if the plans are legitimate.
If you have one of these plans – by Grist Mill or anyone else – understand that many have been disallowed by the IRS. These plans are sometimes called 419 or 411i plans. Just having such a plan can subject you to a $200,000 fine or more. These plans are often marketed by insurance agents, accountants and stockbrokers. Frequently the plans are sold at seminars and are accompanied by “legal opinions” and slick marketing materials (sometimes even the brokers selling the plans are fooled.)
We are a law firm that concentrates in both tax and fraud recover
I did not author the above
www.taxaudit419.com for help
The Truth About Section 79 Permanent Insurance Plans
DeleteSection 79 plans are a part of the employee benefit section of the Internal Revenue Service code (IRC). This code (IRC code Section 1.79) has been a part of the IRC since it was initially adopted in 1953. The President of the United States at that time was Dwight D. Eisenhower.
Section 79 permanent insurance plans are sold within the United States by large national life insurance companies, all of whom have internal legal and compliance departments whose role is to ensure that the products sold by those companies are legal and comply with the rules and spirit of the law. Section 79 permanent insurance plans are sold legally in all 50 states of these United States of America. For the protection of consumers, each state has an insurance department that reviews and approves all company and agent licensing and products sold within that state. (see National Association of Insurance Commissioners at this link).
So, here’s the truth about Section 79 Permanent Insurance Plans:
• This is a legal insurance product, covered in the IRS Code number 1.79.
• All group life insurance is covered under this IRS Code. Most governmental agencies, non-profit organizations and large Fortune 1,000 companies have section 79 as an employee benefit.
• This is not a new code. The IRC 1.79 has been in the code since 1953.
• All Section 79 products are fully vetted by major national insurance companies, their lawyers and compliance staffs, for sale in all 50 states. These are companies with long and successful histories of selling insurance products in the United States since the mid-1800’s.
• Every state insurance department has fully vetted these Section 79 products and approved them for sales in their states. These products are legal for sale in all 50 states.
• Section 79 plans are not “listed transactions.” Here is a list of all listed transactions according to the IRS – http://www.irs.gov/Businesses/Corporations/Listed-Transactions---LB&I-Tier-I-Issues
For REAL information about Section 79 plans, contact Business Planning Group at (888)545-2205 or visit our website at BusinessPlanningGroup.com/truth .
Customers of James Cunningham d/b/a Cunningham Financial or CFG Consulting LLC? We want to speak with you!
ReplyDeleteJames Cunningham is an insurance agent licensed to do business in Arizona and Utah. According to his website, he specializes in tax strategy and tax planning for chiropractors, dentists, business owners and physicians. He claims to have conducted “hundreds of seminars and has consulted thousands of Business Owners and Individuals.”
We have received information that he has sold many of these plans to doctors across the U.S. If you are one of these individuals, we would love to hear from you.
A potential client reports that Cunningham placed him in an abusive tax shelter called a welfare benefit plan. The plan is a product of a Connecticut company called Grist Mill Trust – the founders and owners of Grist Mill may also be using the name Benistar or Nova.
While some of these welfare benefit plans are legal, many of these plans are considered abusive tax shelters by the IRS subjecting the taxpayer to hundreds of thousands dollars of fines. We are very familiar with the products of Grist Mill / Benistar but have not encountered Mr. Cunningham previously. Presently we are conducting an investigation to see if he has acted illegally and if the plans are legitimate.
If you have one of these plans – by Grist Mill or anyone else – understand that many have been disallowed by the IRS. These plans are sometimes called 419 or 411i plans. Just having such a plan can subject you to a $200,000 fine or more. These plans are often marketed by insurance agents, accountants and stockbrokers. Frequently the plans are sold at seminars and are accompanied by “legal opinions” and slick marketing materials (sometimes even the brokers selling the plans are fooled.)
We are a law firm that concentrates in both tax and fraud recover
I did not author the above
www.taxaudit419.com or google lance wallach for help with 419 etc
Customers of James Cunningham d/b/a Cunningham Financial or CFG Consulting LLC? We want to speak with you!
ReplyDeleteJames Cunningham is an insurance agent licensed to do business in Arizona and Utah. According to his website, he specializes in tax strategy and tax planning for chiropractors, dentists, business owners and physicians. He claims to have conducted “hundreds of seminars and has consulted thousands of Business Owners and Individuals.”
We have received information that he has sold many of these plans to doctors across the U.S. If you are one of these individuals, we would love to hear from you.
A potential client reports that Cunningham placed him in an abusive tax shelter called a welfare benefit plan. The plan is a product of a Connecticut company called Grist Mill Trust – the founders and owners of Grist Mill may also be using the name Benistar or Nova.
While some of these welfare benefit plans are legal, many of these plans are considered abusive tax shelters by the IRS subjecting the taxpayer to hundreds of thousands dollars of fines. We are very familiar with the products of Grist Mill / Benistar but have not encountered Mr. Cunningham previously. Presently we are conducting an investigation to see if he has acted illegally and if the plans are legitimate.
If you have one of these plans – by Grist Mill or anyone else – understand that many have been disallowed by the IRS. These plans are sometimes called 419 or 411i plans. Just having such a plan can subject you to a $200,000 fine or more. These plans are often marketed by insurance agents, accountants and stockbrokers. Frequently the plans are sold at seminars and are accompanied by “legal opinions” and slick marketing materials (sometimes even the brokers selling the plans are fooled.)
We are a law firm that concentrates in both tax and fraud recover
I did not author the above
www.lancewallach.com for help or
Participated in a Sea Nine VEBA plan_Contact Lance Wallach
ReplyDeleteMonday, January 13, 2014
IRS to Audit Sea Nine VEBA Participating Employers
http://www.hgexperts.com/
By Lance Wallach, CLU, CHFC Abusive Tax Shelter, Listed Transaction, Reportable Transaction Expert Witness
PhoneCall Lance Wallach at (516) 938-5007
The IRS may be auditing many more participating employers in the coming months.
In recent months, I have received phone calls from participants in the Sea Nine VEBA
and have learned that the IRS may be auditing many more participating employers in the
coming months. To better assist current Sea Nine clients and those that are now or may
be under audit in the future, my associates who are CPAs, tax attys and former IRS employees
will continue to help with the Sea Nine VEBA victims and others in 419 412i captive insurance
and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA,419 captive insurance and
section 79 scams?
• What will be the likely result of my audit?
• What if I don't agree with my audit results?
• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
• What is a “listed transaction” ?
No need to be fearful of the innuendo of an internet spammer.
DeleteFor REAL information about Section 79 plans, contact Business Planning Group at (888)545-2205 or visit our website at BusinessPlanningGroup.com/truth .