THE THOMAS D. PHILIPSBORN IRREVOCABLE TRUST DATED JULY 10, 2005 V. AVON CAPITAL

11-3274 - The Thomas D. Philipsborn Irrevocable Trust dated July 10, 2005 v. Avon Capital, et al.

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  1. Lance Wallach Life Insurance

    Monday, March 25, 2013
    Life Insurance Policy Gone Wrong

    Protecting Clients From Fraud, Incompetence, and Scams
    By: Lance Wallach
    Published by John Wiley and Sons, Inc.

    Excerpts have been taken from this book about:

    Bruce Hink, who has given me permission to utilize his name and circumstances, is a perfect example of what the IRS is doing to unsuspecting business owners. What follows is a story about Bruce Hink and how the IRS fined him $200,000 a year for being in what they called a “listed transaction”. In addition, I believe that the accountant who signed the tax return and the insurance agent who sold the retirement plan will each be fined $200,000 as material advisors. We have received a large number of calls for help from accountants, business owners, and insurance agents in similar situations. Don’t think this will happen to you. It is happening to a lot of accountants and business owners, because most of these so-called listed, abusive plans, or plans substantially similar to the so-called listed, are currently being sold by most insurance agents.

    Bruce was a small business owner facing $400,000 in IRS penalties for 2004 and 2005 for his 412(i) plan (IRC6707A). Here is how the story developed.

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