You've worked hard to build a successful business, and now you might not be too sure if things are going well. We have the information you need to stay ahead in the ever changing financial world.
IRS Attacks Business Owners in 419, 412, Section 79 and Captive Insurance Plans Under Section 6707A | Lance Wallach | LinkedIn
Reportable Transactions Resources Natural persons who fail to disclose a reportable transaction to the IRS are subject to a $10,000 penalty. Other nonreporting taxpayers are subject to a $50,000 penalty.
The penalties are increased to $100,000 and $200,000, respectively, for natural persons and other taxpayers who fail to disclose a reportable transaction that is a listed transaction The IRS Says: 516 - 935 - 7346 Even plan administrators pleaded for help, but thousand of people got IRS audits, fines and penalties anyway. Email an Expert See an excerpt from an email by a plan administrator frustrated with IRS activities below To: Everyone I know!
It could be you.
I am a Third Party Administrator and am asking for your help. One of my clients with 4 employees who simply funded a retirement plan with $500,000 recently endured a 5.5 year IRS audit of his 412 (i) pension plan. Upon completion of the audit the client owes $55,000 in income taxes for 2004-2006 and has refunds from 2007-2008 of $55,000 (timing difference only) He owes about $30,000 in blackmail money (He really should owe nothing!). The SBSE income tax agent has threatened to assess $800,000 in penalties under Code Section 6707a. The IRS is far exceeding their authority in assessing the 6707a penalty this is totally prosecutorial abuse. WE must put a stop to this! My client cooperated and acted in good faith and did file the form 8886 (Maybe not 100% correctly but none the less, he did file the necessary forms).……
Reportable Transactions Resources
ReplyDeleteNatural persons who fail
to disclose a reportable
transaction to the IRS
are subject to a $10,000
penalty. Other
nonreporting taxpayers
are subject to a $50,000
penalty.
The penalties are
increased to $100,000
and $200,000,
respectively, for natural
persons and other
taxpayers who fail to
disclose a reportable
transaction that is a
listed transaction
The IRS Says:
516 - 935 - 7346
Even plan administrators pleaded for help, but
thousand of people got IRS audits, fines and penalties
anyway.
Email an
Expert
See an excerpt from an email by a plan administrator
frustrated with IRS activities below
To: Everyone I know!
It could be you.
I am a Third Party Administrator and am asking for your help. One of my clients with 4 employees who simply funded
a retirement plan with $500,000 recently endured a 5.5 year IRS audit of his 412 (i) pension plan. Upon completion
of the audit the client owes $55,000 in income taxes for 2004-2006 and has refunds from 2007-2008 of $55,000
(timing difference only) He owes about $30,000 in blackmail money (He really should owe nothing!). The SBSE
income tax agent has threatened to assess $800,000 in penalties under Code Section 6707a. The IRS is far
exceeding their authority in assessing the 6707a penalty this is totally prosecutorial abuse. WE must put a stop to
this! My client cooperated and acted in good faith and did file the form 8886 (Maybe not 100% correctly but none
the less, he did file the necessary forms).……
Dennis Cunning
Call 516 935-7346
Call 516-935-7346