200K REPORT

An abusive tax shelter is simply a way to keep money from being taxed
In This Issue
Tax Shelters-Be Careful
Don't Become A Material Advisor
IRS Information
Quick Links





Lance Wallach




 516-938-5007


 
Serving  
Clients 
Nationwide
   



You Need An   Expert

Lance Wallach
news

If You have been accused of participating in a listed transaction, or plan or transaction that is substantially similar to a listed transaction,you should seek the assistance of Lance Wallach.

 

He will minimize the consequences you may face and prepare a strong defense against allegations of fraud or negligent conduct.

 

        

 

 

 

         Google

    Lance Wallach

          Today

 

                    
               Tax shelter

 

 It sounds like a nice idea. 

 After all, if you want to take shelter from  something, storms and taxes are the first  two  things on the list.

 A tax shelter helps reduce how much tax  you  pay the federal government by  reducing your  taxable income. There are  many legitimate tax  shelters. But, as with  most things, tax shelters  can be used for    wrongdoing.

 

The Internal Revenue Service keeps close tabs on the use of tax shelters. This surveillance has grown in recent years as the IRS has learned more about the often complex workings of popular tax shelters.

Why the concern? 

 

The IRS considers the abuse of tax shelters a form of tax evasion, which is illegal. To give you an idea of how much money the IRS suspects is being illegally hidden through abusive tax shelters, in 2003, the IRS teamed up with the state of California to crack down on abusive shelters that may have cost the state $1.3 billion in tax revenue .

 

What constitutes a tax shelter? What makes one tax shelter legitimate and another abusive? 

 

Ask The Expert Lance Wallach

Email Now

A $200,000 Penalty for a $25,000 Deduction??!!: the High Price of Failing to Disclose Listed Transactions Under Section 6707A of the Code
Contact An Expert Today
Free 15 Minute Consultation 516-938-5007
 
 
 
Don't Become A Material Advisor'

 

 

Accounting Today

'Don't Become A Material Advisor'

JULY 
BY LANCE WALLACH

Accountants, insurance professionals and others need to be careful that they don't become what the IRS calls material advisors.
If they sell or give advice, or sign tax returns for abusive, listed or similar plans; they risk a minimum $100,000 fine. Their client will then probably sue them after having dealt with the IRS.   
 
 
To Read More Click Link
IRS
Abusive Tax Transactions - Listed Transactions
 

Recently, the IRS finalized regulations on abusive tax shelters. The regulations provide that a taxpayer must disclose certain transactions known as "listed transactions" by filing a disclosure statement (Form 8886) with its tax return. A "listed transaction" is a transaction that is the same as or substantially similar to one that the IRS has determined to be a tax avoidance transaction and identified by IRS notice or other form of published guidance. The parties who participate in listed transactions may be required to disclose the transaction as required by the regulations, register the transaction with the IRS, or maintain lists of investors in the transactions and provide the list to the IRS on request.

 

Monday, February 18, 2013
 
 
 IRS Raids Nova Benefits Plans Offices


The Internal Revenue Service has declared an all out war on what they deem as fraudulent tax shelters. . Regulators view many Internal Revenue Code section 419, 412i, 79 and captive insurance plans as abusive tax shelters. That has given rise to the dreaded "listed transaction" designation. At the top of their list? Plans issued by Nova Benefit Plans, LLC.
 

 
Click To Read More 

Abuses of 412(i) Plans

Anything can be abused. One sees it daily in the news. 412(i) plans are no exception. Unfortunately, there are some very aggressive individuals and administrators that have abused these plans.

 

To learn more about 412(i) plans by Contact Lance Wallach Today.

  

 



 

Offer Expires: Enter Expiration Date here