Lance Wallach

name

Should You File, and Then Opt out?

02nd November 2012
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 Sep... Read >

International Tax, Transfer Pricing, FBAR Problems

02nd November 2012
The IRS dedicates enormous resources toward dealing with taxpayers who are involved with any form of transfer pricing. The transfer pricing provisions of IRC 482 address four general types of transactions between commonly owned or controlled parties. 1... Read >

IRS Audits and Lawsuits

02nd November 2012
419 and 412i plans being audits, insurance agents sued. The IRS is cracking down on what it considers to be abusive tax shelters. Many of them are being marketed to small business owners by insurance professionals, financial planners and even accountants ... Read >

412i Plans Attacked by IRS, Lawsuits

02nd November 2012
IRS has been attacking abusive 412i plans for years. Business men have been suing the insurance agents who sold the plans. The IRS has attacked 412i, 419 plans for years. As a result promoters are now promoting section 79 and captive insurance plans. They... Read >

419 Plans Attacked by IRS

02nd November 2012
Insurance agents and costs attacked. - Enrolled Agents Journal March*April - For years promoters of life insurance companies and agents have tried to find ways of claiming that the premiums paid by business owners were tax deductible. This allowed them to... Read >

Why Mutual Funds Are Not a Good Investment

02nd November 2012
Taxes take a large bite out of taxable mutual funds. Recent tax-break laws will end in 2010 and it would be smart for taxable mutual fund investors to keep an eye on one of the main drags on their performance: taxes. One key reason why mutual funds paid o... Read >

FBAR OVDI Offshore Tax Issues

02nd November 2012
In 2012 the IRS announced another offshore voluntary disclosure program (the 2012 OVDI). These programs offer reduced penalties in exchange for taxpayers’ voluntarily coming into compliance before the IRS is aware of their prior tax indiscretions. The 20... Read >

Guaranteed Ways To Get New Clients and Become Very Successful

27th April 2012
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

03rd April 2012
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 >

Don't Give the IRS Every Last Drop

12th January 2011
By Lance Wallach 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. ... Read >