Posts Tagged welfare benefit plan

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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US Tax Court Disallows Xėlan 419 Plan

Posted by admin in Fraud Recovery, Tax on January 10, 2013

by Brian Mahany 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 [...]

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IRS Targets New Scheme In Employment Plan Arena – Captive Management Companies

Posted by admin in Tax on September 16, 2012

by Brian Mahany People think that accountants and tax lawyers lead boring lives. Perhaps that may be true for some, but there is plenty of action these days with the IRS and their Employment Plans tax group. Recently, the IRS identified an “emerging issue” that it calls a potential Abusive Tax Avoidance Transaction. If you [...]

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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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Time Running Out For Holders Of 419 Welfare Benefit Plans

Posted by admin in Fraud Recovery, Legal Malpractice on June 29, 2012

by Brian Mahany A decade ago, so called welfare benefit plans were the rage for small business owners. Insurance agents, financial planners and even tax attorneys were all out hustling clients to invest heavily in these plans. According to the promoters, business owners could contribute and sock away hundreds of thousands of dollars into the [...]

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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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Customers of James Cunningham d/b/a Cunningham Financial or CFG Consulting LLC? We want to speak with you!

Posted by admin in Fraud Recovery, Tax on August 24, 2011

James Cunningham is an insurance agent licensed to do business in Arizona and Utah. According to his website, he specializes in tax strategy and tax planning for chiropractors, dentists, business owners and physicians. He claims to have conducted “hundreds of seminars and has consulted thousands of Business Owners and Individuals.” We have received information that [...]

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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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Posts Tagged welfare benefit plan

Former CPA Gets 3.5 Years in Prison, $100 Million Restitution For Tax Evasion Role

US Tax Court Disallows Xėlan 419 Plan

IRS Targets New Scheme In Employment Plan Arena – Captive Management Companies

Time Running Out For Holders Of Welfare Benefit (419 or 412) Plans

419 Plan Holders Lose Major Appeals Court Decision

Time Running Out For Holders Of 419 Welfare Benefit Plans

Don’t Become A Material Advisor

Customers of James Cunningham d/b/a Cunningham Financial or CFG Consulting LLC? We want to speak with you!

Large IRS Fines Continue For 419, 412i, Captive Insurance and Section79 Plans

Uncle Sam Goes After Another Welfare Benefit Plan Scheme

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