In The Press
America’s Association of Leading Experts in the Legal, Financial, Accounting and Insurance Fields and Your Source of Trusted Professionals FinanceExperts.org is the association for the“ leading authorities“ in the fields of Accounting, Law, Taxation, Finance, Some of our prominent members include Lance Wallach, the National Society of Accountants Speaker of the Year and best selling […]
Captive Insurance – Buyers Beware!
Herol Graham has turned defensive boxing into a poetic art. Trouble is, nobody ever got knocked out by a poem. — Eddie Shaw Every accountant knows that increased cash flow and cost savings are critical for businesses in 2009. What is uncertain is the best path to recommend to garner these benefits. Over the […]
IRS Audits of Section 79, Captive Insurance, 412i and 419 Scams
If an IRS audit disallows the § 419 plan or the § 412(i) plan, not only does the taxpayer lose the deduction and pay interest and penalties, but then the IRS comes back under IRC 6707A and imposes large fines for not properly filing. Insurance agents, financial planners and even accountants sold many of these […]
419, 412i, Captive Insurance and Section 79 Problems
Sometimes the IRS might disagree with planning you did with other advisors and you need to find help to ensure that your rights are protected, the facts are interpreted accurately and the law applied correctly. Lance Wallach is among the few in this country who fully understand the mechanics and legal issues surrounding what has become […]
Captive Insurance Tricks to Avoid
There are many people and advisors who try to form their own captives and end up with a pretty big mess. In such cases they expose themselves and their businesses to unnecessary tax liability. There still seem to be a number of people who have not yet received the news that the 501(c)(15) captive is […]
The IRS and Captive Insurance Companies
The use of captive insurance companies have been used to manage costs and risks and realize tax benefits has been legitimate for years. The IRS has recently focused audit resources on small and mid-market companies that are forming small captive insurance companies. These companies seek to benefit from Section 831(b) of the tax code, which […]
It’s Tax Time Again
It’s tax time again, which means many people will be writing checks to the IRS. But not a lawyer in Los Angeles, who last year put all of his earnings, $840,000, into a tax shelter and plans to put $1 million in this year. He doesn’t have to pay any income tax. In fact, he […]
IRS Scrutiny of Captive Insurance Companies
IRS scrutiny of captive insurance companies is increasing with most of it is aimed at small captives using the 831(b) tax election. Large or small, captives must be formed for the correct reasons. Their premiums must be appropriate and their business plans must involve genuine insurance. But some mini captive or micro captive formations under […]