We have closely followed the many legal cases surrounding Nikolai Battoo and Tracy Sunderlage. Together they, and entities controlled or involved with them, have cost investors hundreds of millions of dollars. Our clients alone have lost many millions. A sampling of the entities connected with the two men or engaged in similar activities include PIWM, […]
Cell Captive Insurance – Legit Insurance Tool or Abusive Tax Shelter
Just a few years ago, captive insurance companies were a hot news item in the arcane world of abusive tax shelters. Sleazy promoters were signing up small businesses in droves. If you created a cell captive as a property and casualty loss management tool, it’s probably legitimate. If you “bought” an off the shelf captive […]
Abusive Tax Shelter Results In $100 Million Assessment (IRS Whistleblower Post)
None of us enjoy receiving letters from the IRS. Some might argue and claim a refund is a nice thing to receive from the IRS but those checks come from the U.S. Treasury. While often a letter from the IRS signals an audit or notice saying that you owe more money, former HP board member […]
Pension Plan Administrator Convicted Of Fraud (Employee Benefit Plan Scam)
by Brian Mahany Tens of millions of Americans invest for the future through employer sponsored 401(k) and other employee benefit plans. These plans allow workers to lower their taxes and provide retirement income. Depending on how the money is invested, there is always a risk of loss. In the case of Matthew Hutcheson, an Idaho […]
Former CPA Gets 3.5 Years in Prison, $100 Million Restitution For Tax Evasion Role
by Brian Mahany A former CPA and banker at Deutsche Bank AG was sentenced to 3-1/5 years and ordered to pay $115,700,000 for his role in helping clients evade taxes. David Parse will have to serve about 3 years before eligible for early release. He was convicted of mail fraud and obstruction charges. Prosecutors say […]
US Tax Court Disallows Xėlan 419 Plan
At least once a month we receive a call from a business owner or physician who lost money in a 419 plan. The “lucky” simply have made a lousy investment in some unneeded insurance. The unlucky receive a huge tax bill from the IRS and / or lost their money in some sort of investment […]