Showing posts with label 419 benefit plan. Show all posts
Showing posts with label 419 benefit plan. Show all posts
Leading Authority 412, 419 plans, IRS Tax Shelter Issues
Leading Authority 412, 419 plans, IRS Tax Shelter Issues: Exceptional Information on the IRS, Material Advisers, Captive Insurance, 412i Plans, 419 Plans, and Section 79 Plans
Section 79
Taxpayers who previously adopted 419, 412i, captive insurance or Section 79 plans are in big trouble.
In recent years, the IRS has identified many of these arrangements as abusive devices to funnel tax deductible dollars to shareholders and classified these arrangements as "listed transactions."
These plans were sold by insurance agents, financial planners, accountants and attorneys seeking large life insurance commissions. In general, taxpayers who engage in a "listed transaction" must report such transaction to the IRS on Form 8886 every year that they "participate" in the transaction, and you do not necessarily have to make a contribution or claim a tax deduction to participate
Contact Lance Wallach and get out of this tax problem before it's too late
516-236-8440
Wallachinc@gmail.com
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