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The IRS denied the tax deductibility of 419 plans and 412i retirement plans that created captive insurance programs. Find out how you can avoid being liable to the IRS.
Our professional team of Legal and CPA consultants can assist you with: Litigation: Rebuttal Witness Deposition, Arbitration, and Trial Testimony Insurance Fraud Pension & Benefit Plan Fraud Insurance Company Fraud Reports 419 & 412 plan Defense Employee benefit plan audits/penalty resolution and IRS Audit assistance.
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We plan reviews, evaluations & remediation and handle Expert Witness testimony, Research & Analysis of Tax Laws. Providing Guidance for Businesses, Attorneys, CPAs & Insurance professionals nationwide.
The IRS is cracking down on abusive tax shelters.Many of them are being marketed to small business owners by insurance professionals financial planners, accountants and attorneys. These plans come in various versions, and most of them have gotten the participant audited and the salesman sued. They purportedly allow the business owner to make a large tax-deductible contribution, and some or all of the contribution pays for a life insurance product. The IRS has been disallowing most versions of these plans for years, yet they continue to be sold. After everyone gets into trouble and the insurance agents get sued, the promoters of the abusive versions sometimes change the name of their company and call the plan something else. The insurance companies whose policies are sold are legitimate companies. What usually is not legitimate is the way that most of the plans are operated. There can also be a $200,000 IRS fine facing the insurance agent who sold the plan if Form 8918 has not been properly filed.