Reportable Transactions and 419 Plans Litigation - Welfare benefit, Medical, Retirement plan benefit and design, Pension specialists, 412i Lawsuits, 419 lawsuits, IRS Audits, 412i Problems, Expert Witness Lance Wallach
Reportable Transactions and 419 Plans Litigation - Welfare benefit, Medical, Retirement plan benefit and design, Pension specialists, 412i Lawsuits, 419 lawsuits, IRS Audits, 412i Problems, Expert Witness Lance Wallach
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Captive Insurance & 419 Plans Litigation
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MONDAY, APRIL 29, 2013
Do Not Be Tempted By Any Type of Mini-Captive Program
In some fraudulent schemes, a firm pays a mini-captive for “insurance,” while the captive secretly remits most of the money back to the parent owners, typically by placing it in an offshore account. The bogus mini-captive, in other words, simply serves as a front for funneling funds to offshore accounts while allowing the U.S. firm to claim a phony tax deduction for premiums paid along the way.
In some versions of this scam, control of the funds is actually relinquished to another owner (typically an offshore entity) for a period of time with the agreement that it will later be returned – perhaps in five years. These often turn out to be true scams: In several documented cases, the offshore entity (or its promoter) has absconded with the clients’ funds and, when threatened with legal action, has threatened to expose the clients to the IRS as tax evaders.
There are two lessons to be learned for any potential mini-captive owner: First, do not be tempted by any type of mini-captive program that is either manifestly illegal or that mysteriously promises significantly greater benefits than a legitimate mini-captive could deliver. Whether resulting from IRS scrutiny or predatory deception, significant risks and penalties are likely to occur.
As an expert witness Lance Wallach has never lost a case. Hopefully you will not need him.
Posted by Lance Wallach at 12:48 PM 1 comment:
Labels: Captive Insurance, captive Insurance plans, fraud, irs, Lance Wallach, lance wallach expert witness, scams
MONDAY, APRIL 15, 2013
IRS Very Large Fines
Posted by Lance Wallach at 1:51 PM 1 comment:
Labels: Abusive Insurance Products, Captive Insurance, hidden income, irs, IRS Audits, Lance Wallach, lance wallach expert witness
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LANCE WALLACH IS A NATIONALLY RECOGNIZED EXPERT, AUTHOR, AICPA INSTRUCTOR AND SPEAKER.
"Protecting Clients from Fraud, Incompetence, and Scams" published by John Wiley & Sons
Mr. Wallach is the National Society of Accountant's Speaker of the Year and the author of numerous professional books, including:
"Avoiding Circular 230 Malpractice Traps and Common Abusive Small Businesss Hot Spots" by the AICPA - author/moderator Lance Wallach
The AICPA's "The team approach to Tax, Financial and Estate Planning."
"The CPA's Guide to Life Insurance" by Bisk CPEasy
"Wealth Preservation Planning" by the National Society of Accountants
"The CPA's Guide to Federal and Estate Gift Taxation" published by Bisk
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