IRS Dog Attacks Evil Agent

Lance Wallach, the nation's leading tax resolution expert and his team of CPAs,
former IRS Agents, Tax Attorneys, and Tax Audit Professionals will fight the
IRS and insurance companies who sold you abusive tax shelters!

Call (516) 938-5007 or email wallachinc@gmail.com
also visit www.taxaudit419.com & www.LanceWallach.com

IRS tax relief firm, Lance Wallach, speaking at attorney CPA's convention on abusive tax shelters, benefit retirement plans

IRS Penalties, Audits, Benefit Plans 419e 412i

IRS tax relief firm, Lance Wallach, speaking at attorney CPA's convention on abusive tax shelters, benefit retirement plans, 419e 412i plans, material advisor penalties, IRS audits, and expert witness tax court cases.

The Team Approach to Tax, Financial and Estate Planning.

by Lance Wallach


CPAs are the best and most qualified professionals when it comes to serving their clients needs, but they need to know when and how to coordinate with other experts.

Over the last twenty years we have worked with thousands of practitioners who have decided to add financial services to their practices. They do it for a variety of reasons, but the most common are as follows:


*They don’t want to refer their client elsewhere when they request financial services.

* They want to remain competitive.

*They want to diversify and increase their revenue as opposed to depending solely on tax and accounting revenue.

While helping these professionals add planning and investment services to their core offerings, we have found that they achieve four main benefits after doing so:

1. They are more satisfied with their work.

2. Their clients are more satisfied because they can work with someone they trust to meet financial goals.

3. Their clients give them more referrals.

4. Their incomes increase.

We believe that CPAs are the most appropriate--and perhaps the only--professionals who can provide comprehensive financial services to clients because they understand their clients' tax and financial situations. Their clients trust these practitioners to provide professional advice that is in their best interest. In fact, we believe that tax professionals have an obligation and responsibility to advise their clients, and clients expect their professionals to advise them in these important areas.

With a combination of never-ending tax reform, the Tax Code's significant and complex changes, and the market volatility we've experienced over the past few years, clients need guidance more than ever. Practitioners who provide financial planning and investment advisory services are in a position to advise and assist their clients with these issues.

Practitioners just starting out in this arena may not possess the myriad skill sets and substantive knowledge required to embark on new business ventures.

CPAs who don't have all of the necessary talent in-house may find it easier to associate themselves with strategic "partners" who can provide the proper skill sets, training, technology, support and turnkey solutions in their specialized disciplines and niches, to help identify and meet their clients' financial goals.

Adapted from "The Team Approach to Tax, Financial & Estate Planning," edited by Lance Wallach, with chapters by Katharine Gratwick Baker, Fredda Herz Brown, Dr. Stanly J. Feldman, Ira Kaplan, Joseph W. Maczuga, Roger E. Nauheimer, Roger C. Ochs, Matthew J. O'Connor, Richard Preston, Steve Riley, Carl Lloyd Sheeler, Peter Spero, Paul J. Williams, and Roger M. Winsby. Product 017235.

Lance Wallach, the National Society of Accountants Speaker of the Year, speaks and writes extensively about retirement plans, Circular 230 problems and tax reduction strategies. He speaks at more than 40 conventions annually, writes for over 50 publications, is quoted regularly in the press, and has written numerous best-selling AICPA books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Business Hot Spots. Contact him at 516.938.5007 or visit www.vebaplan.com.

The information provided herein is not intended as legal, accounting, financial or any other type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.

419, 412i, and Section 79 Investment Plans

419, 412i, and Section 79 Investment Plans

If your CPA, financial advisor, or insurance agent introduced you to one of these plans and now the IRS is after you, contact us immediately. You may be a victim of insurance fraud. We want to help protect your business and your hard-earned income.

Likewise, if you currently participate in one of these plans, and are worried about whether the IRS will penalize you, give us a call. We can help you make sure your plan is legit, and that no one tried to trick you in order to get a huge commission.

How your CPA, financial advisor, or insurance agent may be responsible for your audit:

• Improper filing of form 8886
• Misrepresentation of the tax code
• Misunderstanding of the tax code
• Failure to explain certain details of the plan
• Bad math/calculations
• Dishonesty

Despite these mistakes or misleadings by your CPA, financial advisor, or insurance agent, the IRS will come after you, the small business owner, if something is amiss. Where is the justice? These advisors should be held responsible for the damages you are incurring. We want to help you fight the people who took advantage of you and make them accountable for their actions.

It’s not worth it!

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.

Unsettled Times Call For a Little Magic.

Lance Wallach

What does the future look like for those of us in the Employee Benefit industry? Some wonder if there will even be a group health insurance market in a few years. Until the US Supreme Court makes their decision(s) regarding Patient Protection and Affordable Care Act (PPACA) later this year, that is a question which seems to hold credence with many when it really shouldn’t.

Don’t read this as a statement of affirmation of PPACA by any stretch of the imagination. I’m merely suggesting that whether PPACA is overturned or upheld…. There are viable solutions on both sides of the outcome and we should consider them.

PPACA is overturned, what then?

One might think business as usual would be the prevailing thought.  I would like to think we are better than that. The United States is in the midst of an economically stressful time, our customers, and their employees need our help. The days of a low enough deductible to be considered useful by the insured does not need to be over.  The days of employee benefits consuming fully 30% Plus of our customer’s bottom line needs to go…. And go quickly.

As to the “Great” plans that are out there; How many plans have what would be considered “great” benefits yet are cost prohibitive for family members to participate in due to cost?

Those types of benefits can still be delivered to your customers and their employees but not traditionally. (And why would you want to after considering the previous statement?) The best way to accomplish our customer’s wishes is to help fund their plan by taking back a portion of the insurance carrier’s profits and keeping those monies within the plan itself.

One method we can use to accomplish this is the Benefit Houdini Strategy. That strategy most simply stated is the use of a Fully Insured High Deductible Health Plan (HDHP) and a Health Reimbursement Arrangement (HRA) administered by a quality Third Party Administrator (TPA) and self insuring the gap with monies saved.

With Congress’s Medical Loss Ratio (MLR) mandate of 80% on small group. We can (and should) take full advantage. Put another way, as long as insurance carriers are still active and the 80% MLR mandate is in place; It is difficult to justify the risk of self insuring with the use of traditional stop loss coverage that is more expensive and has the ability to laser individual employees or their family members due to health conditions and probable claims costs.

The numbers with this strategy are striking and pose a strong argument for it’s use in most cases when the individual deductible is less than $3500.

PPACA is upheld, what then?

As long as there are things like: employees, and industry, there will always be a call for a method to incent and entice good employees for recruitment and behavior. In this scenario we are to assume PPACA is upheld in its entirety. Exchanges will be replacing group carriers in their current form shortly….. Or will they? It is pretty likely some will go away, but the American Spirit has never been one of rolling over and “Taking it” and there is a fight to be waged that will transform the landscape of employee benefits and health care in general in such a manner we can no more predict the next five years anymore than the average newlywed couple can appreciate the transformation their lives are about to go thru.

Wasn’t the quote “A little revolution every now and again is a good thing” attributed to one of our founding fathers Thomas Jefferson?

Competition and the will to survive is going to drive carriers to hold providers accountable like never before. They (the carriers) will do this by the way far better than any bunch of bureaucrats could ever dream, and possibly…. Just possibly with the help of some rules from the top. True reform like true competition and pricing transparency might actually happen. Imagine shopping your hip replacement surgery with knowledge of actual costs and outcome statistics. That doesn’t’ sound like doomsday really. A shame it will probably take something that big to make this happen…. But this is a likely outcome if PPACA is upheld.

Unsettled times do indeed call for a little magic.

What does the future look like for those of us in the Employee Benefit industry? Until the US Supreme Court makes their decision(s) we won’t know for sure, but regardless of that outcome I believe optimism should prevail.

Lance Wallach, National Society of Accountants Speaker of the Year and member of the American Institute of CPAs faculty of teaching professionals, is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters.  He speaks at more than ten conventions annually and writes for over fifty publications. 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. Mr. Wallach may be reached at 516/938.5007, wallachinc@gmail.com, or at www.taxaudit419.com or www.lancewallach.com.

The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.