Advisers staring at a new ‘slew' of
litigation from small-business clients
The IRS has been aggressive in auditing these plans. The fines for failing
to notify the agency about them are $200,000 per business per
year the plan has been in place and $100,000 per individual.
The IRS is cracking down on what it considers to be
abusivetax shelters. Many of them are being marketed to small business
owners byinsurance professionals, financial planners and
even accountants and attorneys.
IRS Small Business and
Self-Employed Division Will Emphasize
Enforcement Activities over the Next Year
and how the IRS fined him $200,000 a year for
being in what they called “a listed transaction”.
|A Rose By Any Other Name, or
Whatever Happened to all those 419A(f)(6)Providers?
The IRS finally put a stop to such assertions by issuing
regulations and naming such plans as “potentially abusive tax shelters”
(or “listed transactions”) that needed to be disclosed and registered.
|How to Get Fined $100,000 by the IRS
and Lose Your License
benefit retirement plans and all 419 welfare benefit plans.
|IRS Attacks Accountants & Business Owners
Senator seeks support to scale back the IRS’s assault on
nondisclosure of alleged tax shelters due to constitutional concerns.
|Regaining The Lost Confidentiality of Off-Shore Trusts
Today, in jurisdiction after jurisdiction, the custodial bank
is required to know who the beneficial owner of the trust is.
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