You Don't Have To Just Take OUR Word For It. Read What Our Clients Have To Say! The IRS says:atively unkto which a taxpayer benefits from the transaction depends on the purpose of a particular transaction as described in the published guidance that caused such transaction to be a listed transaction. Revenue Ruling 2004-20, which classifies 419(e) transactions, appears to be concerned with the employer’s contribution/deduction amount rather than the continued deferral of the income in previous years. Another important issue is that the IRS has called CPAs material advisors if they signed tax returns containing the plan, and got paid a certain amount of money for tax advice on the plan. The fine is $100,000 for the CPA, or $200,000 if the CPA is incorporated. To avoid the fine, the CPA has to properly file Form 8918.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, Wallach is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He is also a featured writer and has been interviewed on television and financial talk shows including NBC, National Pubic Radio’s All Things Considered and others. Lance authored Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.
Contact him at: 516.938.5007, Wallachinc@gmail.com, or Www.taxadvisorexperts.org, or Www.taxlibrary.us.
You Don't Have To Just Take OUR Word For It. Read What Our Clients Have To Say! The IRS says: Reportable Transactions Client Testimonials Natural persons who fail to disclose a reportable transaction to the IRS are subject to a $10,000 penalty. Other nonreporting taxpayers are subject to a $50,000 penalty.
The penalties are increased to $100,000 and $200,000, respectively, for natural persons and other taxpayers who fail to disclose a reportable transaction that is a listed transaction Call 516-935-7346 For Help NOW Email an Expert Call 516 935-7346 Today For Nationwide Assistance
“Lance is an industry leader His research and insights have proved right on the money!” Debra Rothberg,
“Lance is extraordinarily intelligent. He has few peers, if any, in his area of expertise. I unhesitatingly recommend Lance.” Gary Lesser, Owner, GSL Galactic Consulting
“Excellent results, Google him” Larry Wilconsin,
“Lance is a true expert on VEBA Plans. Five years ago, he took the call of a total stranger, and in doing so, he spent an hour helping me solve my client's problem. During the past five years Lance consistently proven to be a valuable resource for me and my practice. He is a warm open person who is willing to invest in others success.”
Don Atherton, CEBS, CFP, CLU, Owner, Integrated Benefits Solutions, Inc.
You Don't Have To Just Take OUR Word For It.
ReplyDeleteRead What Our Clients Have To Say!
The IRS says:atively unkto which a taxpayer benefits from the transaction depends on the purpose of a particular transaction as
described in the published guidance that caused such transaction to be a listed transaction. Revenue Ruling 2004-20, which
classifies 419(e) transactions, appears to be concerned with the employer’s contribution/deduction amount rather than the
continued deferral of the income in previous years. Another important issue is that the IRS has called CPAs material advisors if
they signed tax returns containing the plan, and got paid a certain amount of money for tax advice on the plan. The fine is
$100,000 for the CPA, or $200,000 if the CPA is incorporated. To avoid the fine, the CPA has to properly file Form 8918.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals,
Wallach is a frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters. He is also a featured
writer and has been interviewed on television and financial talk shows including NBC, National Pubic Radio’s All Things
Considered and others. Lance authored Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and
Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books
including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.
Contact him at:
516.938.5007,
Wallachinc@gmail.com, or
Www.taxadvisorexperts.org, or
Www.taxlibrary.us.
ReplyDeleteYou Don't Have To Just Take OUR Word For It.
Read What Our Clients Have To Say!
The IRS says:
Reportable Transactions
Client Testimonials
Natural persons who fail
to disclose a reportable
transaction to the IRS
are subject to a $10,000
penalty. Other
nonreporting taxpayers
are subject to a $50,000
penalty.
The penalties are
increased to $100,000
and $200,000,
respectively, for natural
persons and other
taxpayers who fail to
disclose a reportable
transaction that is a
listed transaction
Call 516-935-7346 For Help NOW
Email
an
Expert
Call 516
935-7346
Today
For
Nationwide
Assistance
“Lance is an industry leader
His research and insights have proved right on the money!”
Debra Rothberg,
“Lance is extraordinarily intelligent. He has few peers, if any, in his area of expertise.
I unhesitatingly recommend Lance.”
Gary Lesser, Owner, GSL Galactic Consulting
“Excellent results, Google him”
Larry Wilconsin,
“Lance is a true expert on VEBA Plans. Five years ago, he took the call of a total stranger,
and in doing so, he spent an hour helping me solve my client's problem. During the past five
years Lance consistently proven to be a valuable resource for me and my practice. He is a
warm open person who is willing to invest in others success.”
Don Atherton, CEBS, CFP, CLU, Owner, Integrated Benefits Solutions, Inc.