As an expert witness Lance Wallach side has never lost a case: Lance Wallach

As an expert witness Lance Wallach side has never lost a case: Lance Wallach: Lance Wallach An organization to help those harmed by the IRS, don't let what happened to Bruce happen to you







Tuesday, March 11, 2014


Listed Transactions & 419 Plans Litigation: Have You Dealt With Any Of These People?Kenny Ha...

Listed Transactions & 419 Plans Litigation: Have You Dealt With Any Of These People?

Kenny Ha...
: Have You Dealt With Any Of These People? Kenny Hartstein         Dennis Cunning          Steve Toth Larry Bell                   Scott Rid...



Two federal regulatory agencies are in hot pursuit of a shadowy hedge fund figure and various companies associated with him, claiming they pumped millions into Bernard Madoff feeder funds and other unsuccessful investments, then lied about the losses.



On Sept. 7, both the Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission filed actions in the federal Northern District of Illinois against Nikolai S. Battoo, 41, who apparently has most recently operated in Florida.



In announcing its action, the SEC said Battoo has run numerous hedge funds and claims to manage $1.5 billion for investors worldwide, including at least $100 million in the United States.



Battoo has gathered “tens of millions of dollars” in investments since 2009, all the while losing millions more, the SEC also said in a detailed, 32-page complaint.



He has managed money through a series of companies including BC Capital Group, of Panama, and BC Capital Group Limited, which is believed to be run from Hong Kong. He also manages several hedge funds and is “senior advisor” for an outfit called Private International Wealth Management, and is thought to be affiliated with FuturesOne LLC, a commodities pool located in Lincoln, Neb.Have You Dealt With Any Of These People?



Kenny Hartstein Dennis Cunning Steve Toth

Larry Bell Scott Ridge Randall Smith

Greg Roper Tracy Sunderlage Joseph Donnelly

Norm Bevan Michael Sonnenberg Judy Carsrud

Michael Carroll Anthony Fakouri

Steve Burgess Tom Crosswhite 

Wednesday, August 22, 2012



Have You Dealt With Any Of These People?



Kenny Hartstein         Dennis Cunning          Steve Toth

Larry Bell                   Scott Ridge                 Randall Smith

Greg Roper                Tracy Sunderlage       Joseph Donnelly

Norm Bevan                Michael Sonnenberg  Judy Carsrud

Dan Carpenter            Michael Carroll           Anthony Fakouri

Steve Burgess            Tom Crosswhite







Than You Should Know:



The dangers of being "listed"A warning for 419, 412i, Sec.79 and captive insurance

As published in:AccountingToday: October 25, 2010By: Lance Wallach

Taxpayers who previously adopted 419, 412i, captive insurance or Section 79 plans are in big trouble.



In recent years, the IRS has identified many of these arrangements as abusive devices to funnel tax deductible dollars to

shareholders and classified these arrangements as "listed transactions."

2 comments:

  1. Abusive Tax Shelters & 419 Plans Lawsuits
    412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.

    Wednesday, November 28, 2012

    The IRS is Attacking All 419 Welfare Benefit Plans


    The IRS has been attacking all 419 welfare benefit plans, many 412i retirement plans, captive insurance plans with life insurance in them, and Section 79 plans. The IRS is aggressively auditing various plans and calling them 'listed transactions' 'abusive tax shelters,' or 'reportable transactions,'participation in any of which must be disclosed to the Service. The result has been IRS audits, disallowances, and huge fines for not properly reporting under IRC 6707A.
    ReplyDelete
  2. Material Advisors & 419 Plans Litigation
    412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.

    Tuesday, February 28, 2012
    Lance Wallach National Society of Accountants Speaker of The Year

    Posted by Lance Wallach at 10:58 AM
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    Labels: Expert Witness, Lance Wallach, Lance Wallach Expert Witness, Taxaudits
    18 comments:

    Lance WallachJuly 31, 2013 at 8:31 AM


    412i IRS audits, listed transactions
    ________________________________________
    April 24, 2012 By Lance Wallach, CLU, CHFC
    ________________________________________

    IRS auditing 412i plans
    Protecting Clients From Fraud, Incompetence, and Scams
    By: Lance Wallach
    Published by John Wiley and Sons, Inc.
    Copyright Ó 2010. All rights reserved.

    Excerpts have been taken from this book about:

    Bruce Hink, who has given me permission

1 comment:

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    Accountants Business Owners and Others Face Large IRS Fines
    By Lance Wallach, CLU, CHFC

    Firm's Profile & ArticlesFirm's Profile & Articles


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    Since the late nineties, unsuspecting business owners and professionals have purchased retirement plans and other plans from insurance professionals. The IRS has organized task forces to go after the abusive plans.

    Since the late nineties, unsuspecting business owners and professionals have purchased retirement plans and other plans from insurance professionals. The IRS has organized task forces to go after the abusive plans. In the past, a business owner who was audited with an abusive plan would lose his tax deduction and pay interest and penalties. Now, there is also IRS code 6707A whereby in addition to the above, the IRS assesses additional huge fines on both the purchaser and material advisors for not reporting on themselves.

    Accountants, insurance agents, and others sell 419 Welfare Benefit, 419, captive insurance, and section 79 plans to unsuspecting professionals and business owners. Since the IRS is calling many of these plans abusive tax shelters, many small business owners are getting audited and getting penalties under IRC 6707A. The IRS has even fined material advisors and accountants for their participation. The former business owner clients then sue the people who sold them these plans. The accountant who signed the tax return also is subject to lawsuits. I have been an expert witness in some of these cases and my side has never lost. For the accountant, this is an unbelievable situation. First he signed the tax return and did not know that anything was wrong. Then he sometimes tries to help his client with the 8886 forms, but since he has no experience with the form, he will make mistakes. The IRS treats these improperly filed and/or filled out forms as if they were never filed. My office occasionally gets a phone call from the accountant. When I try to explain the problem, the accountant usually does not believe it. Why would a legitimate insurance company that vetted the plan allow something abusive to be sold? Why hasn’t the accountant heard about these types of problems? Usually a few years following the initial phone call, the accountant or his client calls me with the big problem. The clients loses his tax deduction, pays interest and penalties, and is facing a large fine for failing to properly file form

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