Fatca, Fbar, Offshore Amnesty Large Fines Coming - HG.org

Overseas banks are warning current and former U.S. clients that their names and information soon will be disclosed and that such disclosure will disallow the taxpayer’s entry into the IRSs amnesty program for undeclared offshore accounts.

Taxpayers allowed to enter the IRS amnesty program for confessors own taxes, interest and penalties usually amounting to up to half of the account balance, but they are protected from criminal prosecution.



More than 39,000 taxpayers have entered the amnesty program for undeclared offshore accounts.



Many U.S. taxpayers and advisers have been criminally charged in connection with offshore accounts. 

Read more here!

Amazon.com: IRS Secrets You Should Know eBook: Lance Wallach: Books

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 Trap.

Testimonials...

"Mr. Wallach, thanks so much for taking the

time to talk to me ..today about VEBAs.

Any information you can send me would be

helpful. Hopefully, we can work together in

the future as interest in VEBAs increase."

Corman G. Franklin

Office of the Assistant Secretary for Policy

U.S. Department of Labor

Protect your clients – and yourself – from all kinds of financial chicanery and stupidity with this vital new book

It doesn't matter if a financial error was made because of malice or ignorance – the end result is that you lose money. Luckily, you don't have to sit idly and take it. If you have Protecting Clients from Fraud, Incompetence and Scams, you can identify and avoid the dysfunctional sectors of the financial industry, steer clear of the fallout from the Madoff Era, and guide your clients to real, healthy, sustainable returns. This powerful book

• Pinpoints dysfunctional sectors within the financial industry and offers advice against frauds and scammers
• Shows how a team approach to asset management can ward off financial predators
• Offers practical strategies and tools to combat client risk for Risk and Asset Management

Offering insightful information to protect your clients from all sorts of frauds and incompetence, this essential guide equips you with tips and techniques to spot the red flags of fraud and prevent it before it starts.

IRS Secrets You Should Know



Including



Tax, Insurance, and Cost Reduction Strategies for Small Business



Just one of these ideas from the book will save you thousands:



IRS red flags and how to audit proof your tax return

Why your retirement plan is an audit target: how to upgrade it

The only way to deduct estate and business succession plan costs

Turn your life insurance into a tax deduction

Reduce health insurance, workers’ comp and other insurance costs

Discover the only deductible benefit plan where money comes out tax free, even before retirement

Protect assets from creditors while obtaining a tax deduction

Why the IRS has turned your accountant into a tax collector, and what to do about this

Seven best new tax reduction ideas

Use a captive insurance company to reduce taxes and costs



And much more!!!



Books can be purchased here

Amazon.com: Lance Wallach: Books, Biography, Blog, Audiobooks, Kindle

Section 79 Scams and Captive Insurance History - HG.org

When trying to understand how a product becomes a target of government scrutiny it helps to know its history. In the case of plans that fall under Internal Revenue Code Section 79, that history is complex.

Insurance companies, agents, financial planners, and others have pushed abusive 419 and 412i plans for

years. They claimed business owners could obtain large tax deductions. Insurance companies, agents and others earned very large life insurance commissions in the process. Eventually, the IRS cracked down on the unsuspecting business owners. Not only did they lose the tax deductions, but they were also fined, in addition to being charged penalties and interest. A skilled CPA with extensive IRS experience could usually eliminate the penalties and reduce the fines. Most accountants, tax attorneys and others have been unsuccessful in accomplishing this.



After the business owner was assessed the fines and lost his tax deduction, he had another huge, unforeseen problem. The IRS then came back and fined him a huge amount of money for not telling on himself under IRC 6707A. If you participate in a listed or reportable transaction, you must alert the IRS or face a large fine. In essence, you must alert the IRS if you were in a transaction that has the possibility of tax avoidance or evasion. Not only must you file Form 8886 telling on yourself, but the form needs to be filed properly, and done every year that you are in the plan in any way at all, even if you are no longer making contributions. 

Read the rest here