You need to read this if you have 419 and 412i Tax Problems

You need to read this if you have 419 and 412i Tax Problems

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  1. Section 79 Plans
    Your Best Resource for Section 79 Questions, Problems, Information
    516-938-5007

    Offshore International Today Aug 2011

    You may want to think about participation in the IRS’ offshore tax amnesty program (called the
    Offshore Voluntary Disclosure Initiative). Do you want to play audit roulette with the IRS? Some
    clients think they are too small to be prosecuted. They are wrong.
    To the average businessperson, only the guys with tens of millions secretly stashed in Swiss
    bank accounts get prosecuted. Don't tell that to Michael Schiavo. He was just prosecuted for
    hiding money in a Swiss account back in 2003. How much money does the IRS say he hid? A
    whopping $90,000. That’s it.
    But wait, there is more to the story. Schiavo attempted to do a quiet disclosure during the 2009
    amnesty but instead of filling out the amnesty paperwork, he simply trusted that by coming
    forward voluntarily he could avoid criminal prosecution. He was wrong on all counts. Nothing is
    too small for the IRS, and nothing is too old.
    “So, to save a whopping $40,624 in taxes, this guy risked a felony conviction and prison time,
    not to mention steep penalties that could very easily eat up the entire $90,000, and also his
    criminal and civil defense costs.
    The smart taxpayers are the ones coming forward and not having to look over their shoulders
    for the next 10 years.
    Time is running out. The tax amnesty runs through August but it takes at least days to jump
    through all the hoops. We will also fight hard to reduce the penalties down even more.
    Remember, the IRS can go as low as 5%. Don’t want this to happen to you? Visit
    taxadvisorexpert.com today!
    Copyright (C) 2014 Lance Wallach
    All rights reserved
    Most people have never heard of a Section 79 Plan, because it is a wealth building tool pitched by
    insurance agents who really do not understand the math behind the plan.

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    516-938-5007


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    July The Newspaper of the NYSSCPA
    Vol. 10, No.13
    ________________________________________


    By Lance Wallach, CLU, ChFC, CIMC, and Ron Snyder, JD, EA

    Following the U.S. Congress’ lead, on April 10 the IRS issued final regulations under Section 409A of the Internal
    Revenue Code. If the rules seemed unclear before, they are crystal clear now: Most of the so-called “419(e)” plans as
    well as the remaining 419A(f)(6) plans are in violation of the law and subject to hefty penalties.
    A 419(e) plan is a benefit plan that generally seeks to make the purchase of life insurance tax-deductible to employers.
    While the concept is appealing, most of the existing arrangements have permitted the plans to transfer the insurance
    policies to the participants upon retirement.


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