IRS Criminal Investigation (CI) has developed a nationally coordinated program to combat these abusive tax schemes. CI's primary focus is on the identification and investigation of the tax scheme promoters as well as those who play a substantial or integral role in facilitating, aiding, assisting, or furthering the abusive tax scheme, such as accountants or lawyers. Just as important is the investigation of investors who knowingly participate in abusive tax schemes.
Lance Wallach is qualified on many different levels:
-Speaker of the Year and member of the
AICPA faculty of teaching professionals.
-Frequent speaker on retirement plans,
financial and estate planning, and abusive tax shelters.
-Writes about 412(i), 419, and captive
-Speaks at more than ten conventions
-Writes for more than fifty publications.
-Is quoted regularly in the press and has
been featured on television and radio
financial talk shows including NBC and National Public Radio's All Things Considered and Forbes.
In a recent U.S. Tax Court case, some taxpayers suffered a double loss. The taxpayers, consisting of four couples, had purchased welfare benefit plans marketed by 419 Plan Services. Under the plan, it provided pre-retirement life insurance to select employees of companies enrolled in the plan.
Abusive Tax Transactions
The IRS is engaged in extensive efforts to curb abusive tax shelter schemes and transactions. The Tax Exempt and Government Entities Division of the IRS, including the office of Employee Plans, participates in this IRS-wide effort by devoting substantial resources to the identification, analysis, and examination of abusive tax shelter schemes and promotions.
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