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Posts Tagged penalties and interest

Blame The Tax Preparer Defense Fails In U.S. Tax Court

Posted by admin in Tax on July 24, 2011

by Brian Mahany
Stephen Woodsum and his wife Anne Lovett hired both a lawyer and a CPA to prepare their tax return. The couple had many business interests and showed a taxable income of $29.2 million on their 2006 federal income returns. Unfortunately, that income figure failed to include an additional $3.4 million in income realized [...]

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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 they [...]

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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 but they [...]

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Frivolous Tax Arguments? - Beware the Tax Man!

Posted by admin in Tax on February 7, 2010

By Brian Mahany
The concept of fining people for taking frivolous tax positions sounds pretty good at first. The California Franchise Tax Board announced it was going to fine taxpayers $5000 per offense for those who make “frivolous” arguments or attempt to “delay or impede the administration” of tax laws. The problem, of course, is allowing [...]

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