Where The Real Experts Gather
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Financial, Accounting and Insurance Fields and Your Source of
Some of our prominent members include Lance Wallach, the National Society of Accountants Speaker of the Year and
best selling financial author; Ira Kaplan, ESQ., CPA who is the leading legal expert on welfare benefit plans; and Ronald
Noll, MS, CPA, CEA, the past president of an accounting society who helped Congress write the Taxpayer Bill of
FEATURED EXPERTS SPOTLIGHT
We have selected a handful of our numerous prestigious members to be featured experts.
Tax Compliance Act, the law that will soon require banks and other financial institutions worldwide to report accounts with ties to U.S. taxpayers. The law’s
implementation date has already been extended once and is now set to commence in 2014.
IFC quotes IRS figures and says that in the first quarter of 2013, 670 Americans have torn up their passports. They claim most have done so to avoid IRS
reporting and FATCA. While the law has proven to be a nuisance to many Americans, tearing up a passport does not make the problem go away.
For decades, U.S. taxpayers – that includes dual nationals and resident alien “green card holders” – to report most financial accounts located overseas. Bank
accounts, hedge funds, securities accounts and even certain pension plans and life insurance policies with an investment component are all reportable. The U.S. is
virtually alone in requiring such disclosures although are countries are now adopting similar laws.
This means that many Americans haven’t complied because they simply don’t understand their reporting obligations. Both the government’s General Accounting
Office and the IRS’ own National Taxpayer Advocate have criticized the IRS for not doing a better job of educating taxpayers. At particular risk are the estimated
6 million Americans living overseas. The IRS received just 2 million tax returns from this group. Congress hopes FATCA will improve compliance.
The IRS is currently running an amnesty program but even the amnesty penalties are significant. The penalties for not complying, however, are huge; the risk of
prison and the greater of $100,000 or 50% of the highest account balance for each non-complying account and for each year the account was not reported! Many
speculate that the spectre of such unrealistic and confiscatory penalties have driven some Americans to simply tear up their passports.
Ripping up a passport to avoid FATCA and the IRS may merely be a symbolic gesture, however. It is possible to renounce one’s citizenship although Congress
and the IRS says that doesn’t get you off the hook for any taxes you may owe. In other words, it may feel good to rip up your passport, it doesn’t solve the
For people who have intentionally violated the foreign reporting laws, the amnesty program may be a great deal. No audit, no criminal prosecution and a one time
penalties. For others, however, there may be better alternatives. Special programs exist for ex pats living offshore with no U.S. income, for “accidental” Americans
(those born overseas but are technically US citizens) and for holders of accounts with a combined balance of less than $75,000.
Often, taxpayers are better off simply going through a voluntary disclosure process with the IRS. Although there are no guaranties, for those who can demonstrate
that their actions were not willful may receive a single $10,000 penalty or no fine at all. Because the risks are so high, however, waiting is never a good strategy.
(The new FATCA law dramatically increases the risk of getting caught.)
We have ex IRS CPAS to help you.
Lance Wallach, CLU, CHFC,
- National Society of Accountants Speaker of the Year
- Best selling financial author
- Leading expert on employee benefit plans & IRS audit defense
- CEO of Veba Plan LLC (The nation’s leading consulting & expert witness firm)
- The Lance Wallach Radio Show
Ronald L. Noll”
Ronald L. Noll, MS, CPA, CEA
- Helped Congress Write the Taxpayers Bill of Rights
- CPA and Investment Advisor for 40 Years
- Past National President of Accounting Society
- Author of AICPA Course on Taxation and Use of Private Annuity Trusts
- Real Estate Tax Expert and Investor Expert in Wealth Accumulation, Perservation and Transfer
Jonathan E. “Gopman“, Esq., J.D., LL.M
- Jonathan’s practice focuses on sophisticated wealth accumulation and preservation planning strategies for
- Jonathan has substantial experience in assisting high net worth families with international and domestic estate
planning, implementing foreign trust structures, business planning and general tax planning.
- He is AV rated by Martindale Hubbell.
- Jonathan is the co-author of the revised version of the BNA Tax Management Portfolio on Estate Tax Payments
- Has been interviewed for, and quoted in, a number of articles published in well known publications.
Ira Kaplan“, Esq., CPA, MBA
- One of America’s leading authorities on 419 and 412 plans
- Expert on fighting IRS fines and penalties, and Circular 230 fines for accountants. Contributor to Lance’s Circular
230 book, recently published by the American Institute of Certified Public Accountants, and to many of Lance’s
numerous other books
- Expert on arbitration hearings and on lawsuits related to bad financial products described and regulated by
Sections 419 and 412 of the Internal Revenue Code
Janice H. “Eiseman“, Esq.
- Janice focuses on the taxation of closely held businesses and tax planning for owners and investors.
- She has broad-based experience counseling clients on the formation, ownership and structuring of various business
entities, as well as drafting and negotiating tax-based and transactional documentation for both individuals and
- She has also done work before the IRS and the NYS department of Taxation and Finance.
Matthew Tuttle CFP”
Matthew focuses on the training of accountants to properly consult with their clients about financial planning, insurance,
estate planning and wealth management.
- He has broad-based experience counseling CPA’s on the formation, ownership and structuring of various business
entities, as well as managing large estates to maximize tax benefits.
- He has also done work as an expert witness, and been quoted in the Wall Street Journal and other financial
James L. Moore“, JD._COUNSELOR AT LAW
- James L Moore JD, principle and founder of The Law Offices of James L. Moore,PC Is known as the “expert’s-
- Moore has 30 years Of experience as an estate planning,business succession and tax attorney helping hundreds of
plan for, protect, and preserve their personal estates and businesses
- As a Senior Contributing Fellow with the National Network of Estate Planning Attorneys and a former member of
the National Advisory Council of th US Small Business administration appointed by then President Ronald Regan