Lance Wallach and his associates provide Expert Witness Services

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Lance Wallach Financial Group is a group of Expert Witness, Consulting, and Advisory Services provided by Lance Wallach and associates. Lance has impeccable credentials and 35 years of extensive professional experience addressing insurance, financial planning, pension plan, welfare benefit plan, and tax matters. 
Lance Wallach and his associates provide Expert Witness Services in federal courts, state courts, and arbitration venues throughout the United States.  Lance also provides Consulting and Advisory Services to clients for non-litigation matters.  She addresses technical and complex issues involving:
  • Insurance and Annuity Matters
  • §412(i) and §412(e)(3) Defined Benefit Pension Plans 
  • §419(e) and §419A(f)(6) Welfare Benefit Plans, and VEBA Plans
  • Financial Planning
  • Tax Matters

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  1. Taxaudit419.com
    Lawyer4audits.com
    Vebaplan.Org
    About Me
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    Lance Wallach
    Lance Wallach, Managing Director, is the
    nation’s leading expert on employee benefit plans,
    tax problem resolution and IRS audit defense.
    Mr. Wallach is a member of the AICPA faculty of
    teaching professionals & a renowned national
    expert in many court cases. He is the author of
    many best selling financial & law books, including:
    * “Wealth Preservation Planning” by the
    National Society of Accountants
    * “The CPA’s Guide to Federal & Estate
    Gift Taxation” published by Bisk
    * The AICPA’s “The team approach to Tax,
    Financial & Estate planning.”
    * “The CPA’s Guide to Life Insurance” by
    Bisk CPEasy
    * Avoiding Circular 230 Malpractice Traps
    and Common Abusive Small Businesss Hot
    spots by the AICPA, author/moderator
    Lance Wallach
    View my complete profile
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  2. Lance Wallach Life Insurance
    Wednesday, March 12, 2014
    Life Insurance_The Bottom Line
    Ill health has left your mother unable to care for herself.
    She needs home care to get by.Thankfully she purchased
    a long-term care insurance policy over a decade ago and
    has been faithfully paying the premiums ever since. She
    was determined her children should not suffer the
    burden of paying for her care later in life.
    But the payment from the insurance company never
    arrives.You call the insurance company over and over
    and send them document after document.They deny
    the claim, citing reasons from“the claim is too late,” to
    “you did not fill out the paperwork,” to“you filled out
    the wrong paperwork.”The denials change each time,
    often citing provisions in the policy that do not exist,
    and often contradicting previous denials.Meanwhile,
    the cost of the care has quickly depleted your mother’s
    savings, and now the bills fall to you,the very prospect
    she sought to avoid.
  3. Hartford Life and Annuities 419,412i, 412(e)(3) Plans etc. Lawsuits
    Monday, January 13, 2014
    412(e)(3) Plans and Annuities
    A 412(e)(3) plan is a tax-qualified, defined benefit pension plan that is funded with either annuities or a combination of annuities and life insurance. These sorts of plans are most often funded through annuities, and those annuities have come to be known as 412(e)(3) annuities, because of the section of the Internal Revenue Code that authorizes this sort of plan. Such 412(e)(3) plans are normally marketed to small businesses as vehicles that can provide large income tax deductions in connection with the establishment or continued funding of a pension plan. The annuities used to fund such a plan often are priced upon low assumed rates of return and other actuarial factors, which means that the employer is required to contribute a larger amount of money up front to fund the plan, and that in turn provides employers with larger tax deductions for their business
    Posted by Lance Wallach at 11:48 AM
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    Labels: 412(e)(3), 412i, 419Plans, Annuities, Lance Wallach, Lance Wallach Expert Witness
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  4. LANCE’S BLOG
    The expert on IRS audits of 419e and 412i plans, 6707A, listed and reportable transactions,Section 79, captive insurance and abusive tax shelters
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    FBAR_OVDI & 419 Plans Litigation http://ow.ly/uz0ze
  5. Form 8886 & 419 Litigation Plans
    412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
    Thursday, February 27, 2014
    How can a IRS Penalty Abatement help?
    When the IRS assesses tax debt penalties, those penalties are added automatically to the taxpayer’s account by the IRS computer system. Because of this, penalties are frequently added to a taxpayer’s debt without taking his or her individual circumstances into account. And as you may have already discovered, IRS Tax Penalties can turn a fairly manageable debt into an overwhelming burden pretty much overnight.
    A proper Penalty Abatement requires very specific wording and a solid understanding of the relevant IRS Code and Procedure. Even if you had a good reason for not paying your taxes on time, it is often extremely difficult to get these penalties removed without professional help.
    In 2012, the IRS issued over $26,864,993,000.00 (that’s 26.9 Billion Dollars) in penalties!
    Requesting a Penalty Abatement requires that you have a good reason. What qualifies as a good reason?
    It depends on the circumstances involved with your particular situation.
    The procedures for deciding who qualifies for a Penalty Abatement and for what reason seem to differ in each case.
    The best thing you can do is to request that the IRS abate your penalties by providing the circumstances surrounding your situation.
    Posted by Lance Wallach at 10:20 AM
    Labels: IRS, IRS Penalty, lance Wallach, Lance Wallach Exp
  6. Lance Wallach
    For Detailed Information On These
    Specific Issues, Check Out The
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    AccountantExpert.org
    ExpertTaxAdvisors.org
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    Attorneys-usa.org TaxLibrary.us
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    Lance Wallach: For Expertise You Won’t Find Anywhere Else
    All you wanted was a comfortable retirement. What you got was fraud, incompetence, and
    scams. Fortunately, Lance Wallach and his team are here to help you protect your assets and
    keep the IRS out of your pockets!
    Remember, many advisory firms offer financial planning, insurance, and investment services,
    but the difference is that Lance Wallach wrote the books on life insurance as well as
    financial and estate planning that the other consultants learned from!
    If you want to sleep soundly at night, don’t go to the students for your financial solutions, go to
    the one who teaches them – Lance Wallach!
    Lance Wallach’s Expertise
    Is Appreciated By All
    “Mr. Wallach, thanks
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    Office of the
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    Every one of our consulting attorneys, CPAs & ex IRS Agents has more
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  7. 200K Report Update- Lance Wallach 419, 412i, Sect 79, Captive …
    archive.constantcontact.com/fs194/…/archive/1112757656899.html‎
    Mar 14, 2013 – Lance Wallach even tries to help the IRS go after the sellers of abusive 419, 412i, captive insurance and section 79 plans. He has also spoken …
    Investment News – Lance Wallach – Business Valuations – Blogger
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    Mar 13, 2014 – Investment News – Lance Wallach – 412i and 419 plan litigatation. Investment News – Lance Wallach – 412i and 419 plan litigatation.
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  8. Wiley: Protecting Clients from Fraud, Incompetence and …
    http://www.wiley.com › … › Financial Accounting‎
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    Lance Wallach. ISBN: 978-0-470-53974-3. 240 pages. February 2010. Protecting Clients from Fraud, Incompetence and Scams (0470539747) cover image.
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    Section 79, Captive Insurance, IRS Audits and Lawsuits on 419 and 412i Plans
    By Lance Wallach, CLU, CHFC Abusive Tax Shelter, Listed Transaction, Reportable Transaction Expert Witness
    PhoneCall Lance Wallach at (516) 938-5007
    IRS Attacks Business Owners in 419, 412, Section 79 and Captive Insurance Plans Under Section 6707A – By 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.”
    These plans were sold by insurance agents, financial planners, accountants and attorneys seeking large life insurance commissions. In general, taxpayers who engage in a “listed transaction” must report such transaction to the IRS on Form 8886 every year that they “participate” in the transaction, and you do not necessarily have to make a contribution or claim a tax deduction to participate. Section 6707A of the Code imposes severe penalties for failure to file Form 8886 with respect to a listed transaction. But you are also in trouble if you file incorrectly. I have received numerous phone calls from business owners who filed and still got fined. Not only do you have to file Form 8886, but it also has to be prepared correctly. I only know of two people in the U.S. who have filed these forms properly for clients. They tell me that was after hundreds of hours of research and over 50 phones calls to various IRS personnel. The filing instructions for Form 8886 presume a timely filling. Most people file late and follow the directions for currently preparing the forms. Then the IRS fines the business owner. The tax court does not have jurisdiction to abate or lower such penalties imposed by the IRS.
    “Many taxpayers who are no longer taking current tax deductions for these plans continue to enjoy the benefit of previous tax deductions by continuing the deferral of income from contributions and deductions taken in prior years.”
    Many business owners adopted 412i, 419, captive insurance and Section 79 plans based upon representations provided by insurance professionals that the plans were legitimate plans and were not informed that they were engaging in a listed transaction. Upon audit, these taxpayers were shocked when the IRS asserted penalties under Section 6707A of the Code in the hundreds of thousands of dollars. Numerous complaints from these taxpayers caused Congress to impose a moratorium on assessment of Section 6707A penalties.
    The moratorium on IRS fines expired on June 1, 2010. The IRS immediately started sending out notices proposing the imposition of Section 6707A penalties along with requests for lengthy extensions of the Statute of Limitations for the purpose of assessing tax. Many of these taxpayers stopped taking deductions for contributions to these plans years ago, and are confused and upset by the IRS’s inquiry, especially when the taxpayer had previously reached a monetary settlement with the IRS regarding its deductions. Logic and common sense dictate that a penalty should not apply if the taxpayer no longer benefits from the arrangement. Treas. Reg. Sec. 1.6011-4(c)(3)(i) provides that a taxpayer has participated in a listed transaction if the taxpayer’s tax return reflects tax consequences or a tax strategy described in the published guidance identifying the transaction as a listed transaction or a transaction that is the same or substantially similar to a listed transaction.
    Clearly, the primary benefit in the participation of these plans is the large tax deduction generated by such participation. Many taxpayers who are no longer taking current tax deductions for these plans continue to enjoy the benefit of previous tax deductions by continuing the deferral of income from contributions and deductions taken in prior years. While the regulations do not expand on what constitutes “reflecting the tax consequences of the strategy,” it could be argued t
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    Some 419 Insurance Welfare Benefit Plans Continue To Get Accountants Into Trouble
    Posted on February 21, 2014
    by Lance Wallach
    Published in: The Finance Toolbox
    Popular so-called “419 Insurance Welfare Benefit Plans,” sold by most insurance professionals, are getting accountants and their clients into more and more trouble. A CPA who is approached by a client about one of the abusive arrangements and/or situations to be described and discussed in this article must exercise the utmost degree of caution, not only on behalf of the client, but for his/her own good as well. The penalties noted in this article can also be applied to practitioners who prepare and/or sign returns that fail to properly disclose listed transactions, including those discussed herein.
    On October 17, 2007, the IRS issued Notice 2007-83, Notice 2007-84, and Revenue Ruling 2007-65. Notice 2007-83 essentially lists the characteristics of welfare benefit plans that the Service regards as listed transactions. Put simply, to be a listed transaction, a plan cannot rely on the union exception set forth in IRC Section 419A(f)(5), there must be cash value life insurance within the plan and excessive tax deductions for life insurance, in excess of what may be permitted by Sections 419 and 419A, must have been claimed.
    In Notice 2007-84, the Service expressed concern with plans that provide all or a substantial portion of benefits to owners and/or key and highly compensated employees. The notice identified numerous specific concerns, among them:
    1. The granting of loans to participants
    2. Providing deferred compensation
    3. Plan terminations that result in the distribution of assets rather than being used post-
    retirement, as originally established.
    4. Permitting the transfer of life insurance policies to participants.
    Alternative tax treatment may well be in the offing for such arrangements, as the IRS intends to re-characterize such arrangements as dividends, non-qualified deferred compensation (under IRC Section 404(a)(5) or Section 409A), split-dollar life insurance arrangements, or disqualified benefits pursuant to Section 4976. Taxpayers participating in these listed transactions should have, in most cases, already disclosed such participation to the Service. Those who have not should do so at the earliest possible moment. Failure to disclose can result in severe penalties – up to $100,000 for
    individuals and $200,000 for corporations.
    Finally, Revenue Ruling 2007-65 focused on situations where cash value life insurance is
    purchased on owner employees and other key employees, while only term insurance is offered to the rank and file. These are sold as 419(e), 419A (f)(6), and 419 plans. Life insurance premiums are not inherently tax deductible and authority must be found in Section 79 to justify such a deduction. Section 264(a), in fact, specifically disallows tax deductions for life insurance, at least in some cases. And moreover, the Service declared, interposition of a trust does not change the nature of the transaction.
    The information provided herein is not intended as legal, accounting, financial or any other type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
    Lance Wallach, CLU, ChFC, CIMC, speaks and writes extensively about financial planning, retirement plans, and tax reduction strategies. He speaks at more than 70 national conventions annually and writes for more than 50 national publications. For more information and additional articles on these subjects, visithttp://www.taxadvisorexperts.org or call 516-938-5007.
    This entry was posted in Abusive Tax Shelter Plans and tagged 4121i, 412i Benefit Plan, 419, Form 8886, IRS, IRS Audits, Lance Wallach, Lance Wallach Expert Witness, Listed Transactions, Section 79 by Admin. Bookmark the permalink.
    0 THOUGHTS ON “SOME 419 INSURANCE WELFARE BENEFIT PLANS CONTINUE TO GET ACCOUNTANTS INTO
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    Captive Insurance
    Posted on February 12, 2014
    Choosing a domicile.
    ■ Regulatory environment. Some jurisdictions are friendlier than others, or their
    statutes may permit different used and forms of captives.
    ■ Minimum capitalization requirements – varies between jurisdictions from
    $150,000 to $750,000. Separate series of a group captive requires risk-based
    amount of capital, typically
    ■ Start-up costs and annual maintenance – typical start-up costs range from
    $50,000 to $80,000 for pure captive (plus required capital) and from $20,000
    to $25,000 for cell (or series) of group captive.
    ■ Underwriting risk classification
    • Traditional coverage or non-traditional c
  13. 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
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    “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.
    “Lance is a wonderful resource not just in regards to VEBAs, 412′s, abusive plans and IRS
    codes, but also who and what he knows about certain broker-dealers. I called him about recent
    changes to 412, and got on the subject of broker-dealers, and he lent so much of his time to
    inform me about making the right choice. He is a really great, personable colleague to people
    working in the financial services business.”
    Robert Thomas, Resident Insurance Producer, Independent Consulting
    “Lance has been recognized by many organizations for his expertise as a speaker
    and writer on employee benefit plans and other tax topics. You can’t go wrong hiring him as a
    speaker or, if you want to learn how you can participate in one of Lance’s frequent book
    projects, he offers an easy way to get yourself published for the first time so you can get a
    book in front of prospective clients and/or professional colleagues.”
    David Drucker, Principal, Virtual Office News LLC
    “I have relied on Lance’s valuable expertise on several occasions in assisting my
    clients with Veba’s (419 plans). Lance is definitely the person to help properly structure 412i
    and 419 plans and fix plans that were improperly set-up.”
    Sherry Oskey-Hall, Owner, Wealth Creation Strategies
    “Since first calling Lance, he has taught me more about all aspects of insurance, income
    tax nuances, and relatively unknown welfare benefit plans than I had learned in the years spent
    with other well-regarded experts who had been in the same field for over 30 years.
    As a result, when Lance becomes a consultant to any company or individual they not only get
    the benefit of his immense knowledge, but they receive the knowledge of experts in any area of
    finance that will benefit the client. Lance will never say, “I don’t know too much about that.”
    Instead he will say, “Let me put you in touch with an expert who is knows more about that than
    anyone in the country.” And he means it.