6707A Penalties & 419 Plans Litigation: A warning for 419, 412i, Sec.79 and captive insura...

6707A Penalties & 419 Plans Litigation: A warning for 419, 412i, Sec.79 and captive insura...: Web CPA The dangers of being "listed" Accounting Today: October 25, 2010 By: Lance Wallach Taxpayers who previously adopted 419 pl...

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  1. When a Tax Court judge writes "purported" it generally means something like "Liar, liar pants on fire" or bovine excrement.
    Northwestern's conservatism in not getting caught up in the 419 mania is another mark in its favor.
    For the last two decades Lance Wallach has been a voice crying out in the wilderness on the perils of 419(e) employee welfare plans. Lance is not an attorney, CPA or actuary. A graduate of Baruch College he trained as a financial planner with Mutual Benefit Life and then moved on to New England Life where he was a top producer selling life insurance as part of sophisticated plans. Now he speaks and serves as an expert witness helping to repair the damage done by insurance companies who promoted abusive tax plans.

    The Plan That Should Have Stood Up?

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