Disclose IRS reportable transactions properly or face huge fines
Disclose IRS reportable transactions properly or face huge fines: Natural Persons who fail to disclose a reportable transaction to the IRS, or disclose improperly, are fined. Other nonreporting taxpayers are subject to a $50,000 penalty. help you report properly. reportable transations,6707A, IRS form8886, 8918,tax shelter,listed transactions
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he insurance industry have been conjuring ways to make life insurance premiums tax deductible. Over the years we have seen many schemes that have failed IRS scrutiny. Welfare benefit plans set up under I.R.C. section 419, 412(e) plans and Producer Owned Reinsurance Companies (PORCs) are all cce as individual situations will differ and should be discussed with an expert and/or lawyer.For specific technical or legal advice on the information provided and related topics, please contact the author.
ReplyDeleteOn June 19, 2020, the Tax Division of the U.S. Department of Justice filed a Petition To Enforce Summons against the Delaware Department Of Insurance, which seeks testimony and certain documents relating to Artex Risk Solutions, Inc. and Tribeca Strategic Advisors, LLC in connection with its promoter audits of those companies. Concurrently with the Petition, the DOJ also filed the Declaration of IRS Revenue Agent Bradley Keltner and the Summons that it is attempting to enforce. Artex/Tribeca is affiliated with publicly-traded Arthur J. Gallagher.nizing those captives. As an expert witness my side has never lost a case. Lance Wallach.
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