Due Diligence
Posts Tagged listed transaction
Former CPA Gets 3.5 Years in Prison, $100 Million Restitution For Tax Evasion Role
Posted by admin in Fraud Recovery, Legal Malpractice, Tax on March 28, 2013
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 [...]
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Tax Shelter Convictions Reversed; Big Loss For DOJ & IRS
Posted by admin in Tax, White Collar Criminal on December 1, 2012
by Brian Mahany The U.S. Department of Justice has suffered a number of defeats lately in white collar criminal cases. While the DOJ still boasts a conviction record that would make any prosecuting agency happy, going after tax cheats appears to be getting more difficult. It’s either that or the IRS is focusing on the [...]
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Time Running Out For Holders Of Welfare Benefit (419 or 412) Plans
Posted by admin in Fraud Recovery on September 12, 2012
by Brian Mahany We recently received two inquiries from people who purchased welfare benefit plans through Tracy Sunderlage. By now, folks invested in these plans probably know that their plan may well be a scam. To add insult to injury, the IRS also views most of these plans as listed transactions and abusive tax shelters. [...]
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419 Plan Holders Lose Major Appeals Court Decision
Posted by admin in Fraud Recovery, Tax on August 18, 2012
by Brian Mahany A decision last week may mean the end of any hope for relief by holders of welfare benefit plans. In April of last year, we reported on the Curcio decision in which the U.S. Tax Court ruled against 4 people that had purchased welfare benefit plans marketed by Benistar 419 Plan Services. [...]
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Don’t Become A Material Advisor
Posted by admin in Fraud Recovery, Tax on November 4, 2011
[Ed. Note - the following guest post is by Lance Wallach. The post originally appeared in Accounting Today on July 1st of this year and is being reprinted here at the request of its author. In his post, Lance details the dangers faced by accountants and others who prepare returns that involve abusive tax shelters. [...]
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Large IRS Fines Continue For 419, 412i, Captive Insurance and Section79 Plans
Posted by admin in Fraud Recovery, Tax on August 5, 2011
Guest Post by Lance Wallach Taxpayers must report certain transactions to the IRS under Section 6707A of the Tax Code, which was enacted in 2004 to help detect, deter, and shut down abusive tax shelter activities. For example, reportable transactions may include being in a 419,412i, or other insurance plan sold by insurance agents for tax [...]
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Uncle Sam Goes After Another Welfare Benefit Plan Scheme
Posted by admin in Fraud Recovery, Tax on August 4, 2011
by Brian Mahany The IRS and U.S. Department Justice Department have a special relationship with welfare benefit plan promoters and the brokers and insurance agents that sell them. They hate them. For over a decade, the IRS has declared that many welfare benefit plans are fraudulent and abusive tax shelters. Many of the promoters are [...]
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U.S. Tax Court Disallows 419A Plan, Upholds Penalties
Posted by admin in Fraud Recovery, Tax on April 19, 2011
by Brian Mahany In a recent U.S. Tax Court case, taxpayers suffered a double loss. The taxpayers, consisting of four couples, had purchased welfare benefit plans marketed by Benistar 419 Plan Services. Under the plan, Benistar provided preretirement life insurance to select employees of companies enrolled in the plan. Small employers like the plans because [...]
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Welfare Benefit Plan Scam Lands Promoter in Prison
Posted by admin in Fraud Recovery on March 24, 2011
by Brian Mahany Welfare benefit plans have generated their fair share of bad press. The IRS hates them and considers most of them abusive tax shelters. Even owning a legitimate plan can still earn you a $200,000 penalty from the IRS just for having one and not properly reporting it. Many of these so-called benefit [...]
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Three Types of Welfare Benefit Plan Frauds
Posted by admin in Fraud Recovery on February 12, 2011
by Brian Mahany Welfare benefit plans are a hot topic with the IRS these days. Huge penalties – up to $200,000 per year, criminal investigations, civil suits and many, many scams. Because we are both tax attorneys and asset recovery lawyers (fraud recovery), we see many welfare benefit plan cases. Obviously, each case is unique [...]
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