Company & Specialty Insurance Forum

Auditing 412(i) Plans
IRS Auditing 412(i) Plans

recently been auditing 412(i)
defined-benefit pension plans.

They are seeking substantial taxes and
penalties from what they characterize as
“abusive plans,” but they do not regard all 412
(i) plans as necessarily abusive. A properly
structured and administered 412(i) plan can
be an invaluable tax reduction tool for a
business, but care must be taken.

In addition, the IRS is stepping up its
examinations of companies’ retirement plans

I am interested in getting insurance to defray vet bills associated with the dogs in my dog breeding business. Additional coverage for visitors to our home kennels and for loss or damage to equipment. Stuff like that.

I want to invest some money in life insurance.I am living in Bradenton and i want to know about the best insurance providing company in Bradenton?

I want to invest some money in life insurance.I am living in Bradenton and i want to know about the best insurance providing company in Bradenton?

If my property gets damaged, will my policy cover my living expenses?

I had my dwelling, garage, and shed roofed according to a contract. The roofer failed to use underlayment on all the roofs and failed to replace the drip edge as called for in the contract. Can I file on the contractor's insurance for these contractual failures?

Course title: Insurance Economics
Topic: Concept of Risk
Question: "Risk exists outside the individual". Discuss.

Life insurance Policy
By:Lance Wallach
The IRS Started Auditing 419 plans in the 1990s, and then continues going after 412(i) and other plans that they considered abusive, listed, or reportable transactions, or substantially similar to such transactions. 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.

HOME | NEWS | BLOGS | AT TV | VIDEO WHITEBOARDS | RANKINGS | EVENTS | CURRENT ISSUE | CPE | CHANNELS |
TAX ALPHA | E-NEWSLETTERS | WEB SEMINARS | WHITE PAPERS | E-BOOKS | ACCOUNTING TECHNOLOGY | ACCOUNTANTS CONFIDENCE INDEX | PODCASTS
Free Site Registration
Submit

Don’t Become a ‘Material Advisor’
JULY 1, 2011
BY LANCE WALLACH
Accountants, insurance professionals and others need to be careful that they don’t become what the IRS calls material advisors.

Home
About
Articles- Services
Contact
419-litigation
About Us
more than 30 years dealing with the irs
419 Litigation

Accountants, Business owners, and others face large IRS fines.
Lance Wallach Jun 17
IRS Attacks Business Owners in 419, 412, Section 79 and Captive Insurance Plans Under Section 6707A
Lance Wallach

Relevant Reading
Lance Wallach, Managing Director, is the nation's leading expert on employee benefit plans, tax problem resolution and IRS audit defense.