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"Life settlements" and other scams
September 2010 -
Many insurance professionals now think that the "life settlement" market is ending. Agents assisting
their clients in the sale of their unneeded "life insurance" policies have no doubt been frustrated by the
lack of bids in the current life settlement market. It doesn’t help much either when the few bids that are
made are often much less than what they would have been in years past..... more
September 2010 -
Many insurance professionals now think that the "life settlement" market is ending. Agents assisting
their clients in the sale of their unneeded "life insurance" policies have no doubt been frustrated by the
lack of bids in the current life settlement market. It doesn’t help much either when the few bids that are
made are often much less than what they would have been in years past..... more
Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid
Kess
Author/Moderator: Lance Wallach, CLU, CHFC,
Publisher: AICPA
The following example is unfortunately not an isolated incident of an "abusive sales" practice. If
accountants were consulted more often by their clients, maybe the following would never happen.
Senior citizen clients thought they had every reason to trust Mr. Sell BigPolicy as a financial
counselor. The insurance agent had obtained a designation recognizing him as WE DO NOT WANT
TO MENTION THE NAME Senior Advisor. He obtained this designation in 2002, a credential he
made sure to advertise on fliers sent to retirees. He did not mention how easy it had been to get that
title....... more
Kess
Author/Moderator: Lance Wallach, CLU, CHFC,
Publisher: AICPA
The following example is unfortunately not an isolated incident of an "abusive sales" practice. If
accountants were consulted more often by their clients, maybe the following would never happen.
Senior citizen clients thought they had every reason to trust Mr. Sell BigPolicy as a financial
counselor. The insurance agent had obtained a designation recognizing him as WE DO NOT WANT
TO MENTION THE NAME Senior Advisor. He obtained this designation in 2002, a credential he
made sure to advertise on fliers sent to retirees. He did not mention how easy it had been to get that
title....... more
How to Find the Right Experts to Guide You Through These
Times
As seen in The Commercial Flooring Report
by Lance Wallach
These days, business owners have a lot on their plates. Not only do they have
businesses to run, but they need to have the resources to operate, manage, and
flourish those businesses in order to stay afloat. Without serious knowledge of things
like finances, taxes, tax audits, and retirement plans, it's hard to keep a shop open for
business and to ensure that your future is in good hands....more
Times
As seen in The Commercial Flooring Report
by Lance Wallach
These days, business owners have a lot on their plates. Not only do they have
businesses to run, but they need to have the resources to operate, manage, and
flourish those businesses in order to stay afloat. Without serious knowledge of things
like finances, taxes, tax audits, and retirement plans, it's hard to keep a shop open for
business and to ensure that your future is in good hands....more
Vanguard Recognizes Interest In Annuities
From Financial Advisor Magazine - September 15, 2010
Vanguard, the Valley Forge, Pa.-based investment company, has launched a Web-based service
that lets individuals compare fixed immediate annuities issued by leading insurance companies.
Vanguard Annuity Access, powered by Hueler Companies’ Income Solutions platform, also
offers deferred fixed annuity quotes. Vanguard joins more than a dozen Web sites listed on
“Google” that provide immediate annuity quotes to investors.... more
From Financial Advisor Magazine - September 15, 2010
Vanguard, the Valley Forge, Pa.-based investment company, has launched a Web-based service
that lets individuals compare fixed immediate annuities issued by leading insurance companies.
Vanguard Annuity Access, powered by Hueler Companies’ Income Solutions platform, also
offers deferred fixed annuity quotes. Vanguard joins more than a dozen Web sites listed on
“Google” that provide immediate annuity quotes to investors.... more
The New Law Guarantees A Substantial Fine
The bill reducing fines for improperly or not filing under 6707A has passed. That sigh of relief you
heard last week might have come from people participating in the plans named above, or anything
seeking tax relief that is similar to them – what the IRS calls a listed transaction. People think that
Congress bailed them out of trouble for participation in such transactions, and that the excessive fines
that were being imposed are now a thing of the past. While the situation is certainly better than it was
for some people, and while I do not want to rain on anyone’s parade, you are still in Disasterville, and
the next to last bus out just left....... more
The bill reducing fines for improperly or not filing under 6707A has passed. That sigh of relief you
heard last week might have come from people participating in the plans named above, or anything
seeking tax relief that is similar to them – what the IRS calls a listed transaction. People think that
Congress bailed them out of trouble for participation in such transactions, and that the excessive fines
that were being imposed are now a thing of the past. While the situation is certainly better than it was
for some people, and while I do not want to rain on anyone’s parade, you are still in Disasterville, and
the next to last bus out just left....... more
IRS Hiring Agents In Abusive Transactions Group
October 27, 2010
Here it is. Here is your proof of my predictions. Perhaps you didn’t believe me when I told you the
IRS was coming after what it has deemed “abusive transactions,” but here it is, right from the IRS’s
own job posting. If you were involved with a 419e, 412i, listed transaction, abusive tax shelter, Section
79, or captive, and you haven’t yet approached an expert for help with your situation, you had better
do it now, before the notices start piling up on your desk.......more
October 27, 2010
Here it is. Here is your proof of my predictions. Perhaps you didn’t believe me when I told you the
IRS was coming after what it has deemed “abusive transactions,” but here it is, right from the IRS’s
own job posting. If you were involved with a 419e, 412i, listed transaction, abusive tax shelter, Section
79, or captive, and you haven’t yet approached an expert for help with your situation, you had better
do it now, before the notices start piling up on your desk.......more
Get superior advice from Benefits Advisor articles:
BeAdvised - Everything is not fine.
November 2010
A few years ago, I testified as an expert witness in a case where a physician was in an abusive 40l(k)
plan with life insurance. It had a so-called "springing cash
value" policy in it............more
BeAdvised - Everything is not fine.
November 2010
A few years ago, I testified as an expert witness in a case where a physician was in an abusive 40l(k)
plan with life insurance. It had a so-called "springing cash
value" policy in it............more
April 2011 Edition
By Lance Wallach
The IRS started auditing § 419 plans in the 1990s, and then continued 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. ...Read More.
By Lance Wallach
The IRS started auditing § 419 plans in the 1990s, and then continued 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. ...Read More.