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Lance Wallach
Managing Director

    California Broker, June 2011

Employee Retirement Plans

By Lance Wallach

412i, 419, Captive Insurance and Section 79 Plans; Buyer
Beware

The IRS has been attacking all 419 welfare benefit plans, many 412i retirement plans, captive insurance
plans with life insurance in them, and Section 79 plans.  IRS is aggressively auditing various plans and
calling them “listed transactions,” “abusive tax shelters,” or “reportable transactions,” participation in any of
which must be disclosed to the Service.  The result has been IRS audits, disallowances, and huge fines for
not properly reporting under IRC 6707A.  

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    Lance Wallach, the National Society of Accountants Speaker of the Year,  speaks and
    writes extensively about retirement plans, Circular 230 problems and tax reduction
    strategies.  He speaks at more than 40 conventions annually, writes for over 50
    publications and has written numerous best-selling AICPA books, including Avoiding
    Circular 230 Malpractice Traps and Common Abusive Business Hot Spots.  Contact him
    at 516.938.5007 or visit www.vebaplan.com.

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