Lance Wallach

Guaranteed Ways To Get New Clients and Become Very Successful

By: Lance Wallach The new way to get more business is through psychology. A question you may want to ask yourself is; do your words and images attract the type of clientele you want to work with? One thing that I have noticed in the insura... Read >

Tax Shelter Penalty Cases Hurt Thousands of Small Business Owners

Gerson Lehrman Group March, 2011 Analysis by: GLG Expert Contributor Lance Wallach Summary Insurance agents and others sell 412i, 419, captive insurance and section 79 plans to unsuspecting business owners. Since the IRS is calling these plans ab... Read >

Will Your Municipal Bond or Your Life Insurance Company

Investor protection with municipal bonds is so spotty that there is potential for much mischief. Disclosure, that bedrock of fair securities markets, is the heart of the problem facing municipal investors. Municipal issuers often don’t file the most b... Read >

Help With Common IRS Problems

Published in Coatings Pro Magazine It is tax time. There are many problems you can run into with the IRS. This article is a generalized overview of some of these confusing issues: • IRS Penalties • Unfiled Tax Returns • IRS Liens • ... Read >

Business Owners, Accountants and Others Face Hundreds of Thousands in IRS Fines That They Are Not Aw

By Lance Wallach Currently, the Internal Revenue Service ("IRS") has the discretion to assess hundreds of thousands of dollars in penalties under §6707A of the Internal Revenue Code ("Code") in an attempt to curb tax avoidance shelters. This discretion... Read >

Abusive Insurance, Welfare Benefit and Retirement Plans

By Lance Wallach The IRS has various task forces auditing all section 419, section 412(i), and other plans that tend to be abusive. These plans are sold by most insurance agents. The IRS is looking to raise money and is not looking to correct plans or ... Read >

Tax avoidance can lurk in employee benefit plans

Virginia Society of CPAs By Lance Wallach, CLU, ChFC As the Internal Revenue Service (IRS) continues to crack down on abusive retirement and employee benefit plans, many accountants will almost certainly, though inadvertently, land their clients and... Read >

Don’t Give the IRS Every Last Drop

Have you seen the commercials where certain companies advertise that they can settle an IRS debt for “pennies on the dollar”? Usually the offer is too good to be true. Besides, you never want to have the problem in the first place. The chances of an in... Read >

IRS Audits 419, 412i, Captive Insurance Plans With Life Insurance, and Section 79 Scams

Lance Wallach The IRS started auditing 419 plans in the ‘90s, and then continued going after 412i and other plans that they considered abusive, listed, or reportable transactions. Listed designated as listed in published IRS material available to the g... Read >

Abusive Insurance, Welfare Benefit, and Retirement Plans

Lance Wallach Published in Tax Practice: Tax Notes The IRS has various task forces auditing all section 419, section 412(i), and other plans that tend to be abusive. These plans are sold by most insurance agents. The IRS is looking to raise money ... Read >

Don’t Become a ‘Material Advisor’

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. The... Read >

Business Owners in 419, 412i, Section 79 and Captive Insurance Plans Will Probably Be Fined by the I

NCCPAP November 2010 Newsletter 2010 Business Owners in 419, 412i, Section 79 and Captive Insurance Plans Will Probably Be Fined by the IRS Under Section 6707A by Lance Wallach Taxpayers who previously adopted 419, 412i, captive insurance or Sect... Read >

Dolan Media Newswires - 01/22/2010

Dolan Media Newswires 01/22/2010 Small Business Retirement Plans Fuel Litigation Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are filing lawsuits... Read >

Captive Insurance and Other Tax Reduction Strategies – The Good, Bad, and Ugly

By Lance Wallach May Every accountant knows that increased cash flow and cost savings are critical for businesses in 2008. What is uncertain is the best path to recommend garnering these benefits. Over the past decade business owners ha... Read >

Should you File, and then Opt Out?

Announced February 8, 2011, the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) program is a welcome but conditional amnesty allowing taxpayers with foreign accounts to come clean and get into compliance with the IRS. The program runs through Se... Read >