Did You Buy a Section 79 Plan
Section 79 Plans are insurance plans sold to small business owner that the IRS considers abusive and will audit. Before you buy into this type of plan, captive insurance or any other type of plan, you should know its history.
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Lance Wallach, captive insurance and Section 79 plan expert, is the nation's leading authority on resolving IRS tax problems for individuals and businesses.
Mr. Wallach, National Society of Accountants' Speaker of the Year, is a member of the AICPA faculty of teaching professionals and he is a renowned national expert witness in many 419, 412i, and financial abuse cases. To date his side has never lost a case.
Mr. Wallach is often a featured speaker at national conventions for CPAs, attorneys, and business owners and other entrepreneurs, and has over 30 years experience helping people get the most possible money back from the IRS. He can be contacted at 516-938-5007 or wallachinc@gmail.com, or visit www.taxaudit419.com for more information.
Mr. Wallach, National Society of Accountants' Speaker of the Year, is a member of the AICPA faculty of teaching professionals and he is a renowned national expert witness in many 419, 412i, and financial abuse cases. To date his side has never lost a case.
Mr. Wallach is often a featured speaker at national conventions for CPAs, attorneys, and business owners and other entrepreneurs, and has over 30 years experience helping people get the most possible money back from the IRS. He can be contacted at 516-938-5007 or wallachinc@gmail.com, or visit www.taxaudit419.com for more information.
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Section 79 Plans are insurance plans sold to small business owners that the IRS considers abusive and will audit. Before you buy into this type of plan, captive ...
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412i-419 Plans
ReplyDelete419 & 412i benefit plan,abusive tax shelters, Lance Wallach Expert Witness
Wednesday, March 19, 2014
Raymond Ankner -Expected to be the biggest life insurance failure in Illinois : Report: #1045981 Complaint Review: CJA Marketing
Raymond Ankner -Expected to be the biggest life insurance failure in Illinois : Report: #1045981 Complaint Review: CJA Marketing: CJA Marketing CJA and Associates Sold defective retirement plans costing us hundreds of thousands of dollars Beware Of This Company T...
Raymond Ankner -Expected to be the biggest life insurance failure ...
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Nov 30, 2013 - Raymond Ankner -Expected to be the biggest life insurance failure in Illinois : IRS Attacks CJA & CJA and Associates' plans, 412i, 419e plans ...
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IRS Attacks CJA & CJA and Associates' plans - taxshelteraudits.org
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Oct 14, 2011 - Lance Wallach. Our tax resolution offices have been alerted that taxpayers are starting to be contacted by the IRS concerning plans in ...
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Section 79 Plans
ReplyDeleteMost people have never heard of what we call in the industry a Section 79 Plan.
Why? Because it’s a marginally affective wealth building tool pitched by insurance agents who really do not understand the math behind the plan.
If you already have the opinion that we do not like Section 79 Plans, you are correct.
If that’s the case, then why are we discussing it on our web-site?
The answer is simple, the benefits of Section 79 plans are massively oversold by advisors who pitch them and we wanted you to know that we believe the plans are not worth implementing from a pure financial point of view. In other words, this section of our web-site was put together to warn you to stay away from advisors pitching this plan.
Why is it such a bad plan? It’s all about the math. We can show you how to build more wealth without implementing a Section 79 Plan.
Why do advisors pitch it then? Because it is a partially deductible plan and because business profitable owners so desperately want to reduce their taxes, they buy this plan even though in the long run it will not build them as much wealth using other wealth building tools.
What else is wrong with the plan? It is only useful to business owners who have their businesses treated as C-Corporations for tax purpose.
Summary
We could go on for a few pages about w
What is a Section 79 Plan? Simply put, it is a tax plan where small business owners are allowed to take a 20 percent to 40 percent deduction through their business to purchase an individually owned cash-value life (CLV) insurance policy.
ReplyDeleteIf you just read the above paragraph, you'd think that a Section 79 Plan is the nirvana of plans (a tax deductible way to buy CVL insurance). However, when you break down the math and the sales pitch, you'll know why I despise these plans.
Group underwriting for businesses with fewer than 10 employees
For businesses with fewer than 10 employees, the law prohibits full medical underwriting of the policies that are issued ("group" underwriting is required, which is much more risky for an insurance company). Amazingly, one of the insurance companies offering these plans doesn't have the ability to issue non-medically underwritten policies. This is laughable and pathetic all at the same time.
Why are the finances of Section 79 Plans so marginal? Section 79 Plans are up to 40 percent deductible because the life insurance policy purchased is a crummy policy by design. That's right, by design, the policy is a terrible cash accumulator. The better the policy, the less the deduction. A good policy, Retirement Life(TM), for example, would receive only a 5 percent to 8 percent deduction through the plan.
Converting the crummy policy after year five
Section 79 Plans are funded into a crummy cash accumulating policy for five years. Then, the client is typically shown how the policy can be converted to a variable life policy or EIUL policy earning 9
516-938-5007
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Wallachinc@gmail.com
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When you have problems with the IRS, you need a proven winner to stand up to the IRS to help you avoid large IRS penalties and interest that could put you out of business. If you are suffering from tax problems regarding welfare benefit plan audits and need 412i and 419 plan help, assistance with captive insurance, Section 79 plans, listed or reportable transactions, or IRC 6707A, you need Lance Wallach's expert witness testimony on your side. Lance Wallach's side has NEVER lost a case.
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