Lance Wallach
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months. To better assist current Sea Nine clients and those that are now or may be under audit in the future, my associates who are CPAs, tax attys and former IRS employees will continue to help with the Sea Nine VEBA victims and others in 419, 412i captive insurance and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA, 419 captive insurance and section 79 scams?
• What will be the likely result of my audit?
• What if I don't agree with my audit results?
• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
• What is a “listed transaction”?
• What is Form 8886, and what are the penalties for failing to file Form 8886?
• Will I be responsible even if I relied on my tax advisor?
What recourse do I have against those that promoted and sold the Sea Nine VEBA? Lance Wallach, CLU, ChFC, CIMC, speaks and writes extensively about financial planning, retirement plans, and tax reduction strategies. He is an American Institute of CPA’s course developer and instructor and has authored numerous best selling books about abusive tax shelters, IRS crackdowns and attacks and other tax matters. He speaks at more than 20 national conventions annually and writes for more than 50 national publications. For more information and additional articles on these subjects, visit www.vebaplan.com, www.taxlibrary.us, lawyer4audits.com or call 516-938-5007.
The information provided herein is not intended as legal,
accounting, financial or any other type of advice for any specific individual
or other entity. You should contact an
appropriate professional for any such advice.
ReplyDelete412i,419, lawsuits, IRS audits
________________________________________
April 24, 2012 By Lance Wallach, CLU, CHFC
________________________________________
419, 412i, plans are being audited by the IRS. Lawsuits are the result.
Dolan Media Newswires 01/22/
Small Business Retirement Plans Fuel Litigation
Small businesses facing audits and potentially huge tax penalties over certain types of retirement plans are filing lawsuits against those who marketed, designed and sold the plans. The 412(i) and 419(e) plans were marketed in the past several y
But tax experts say the audits and penalties continue. "There's a bit of a disconnect between what members of Congress thought they meant by suspending collection and what is happening in practice. Clients are still getting bills and threats of liens," Wallach said.
"Thousands of business owners are being hit with million-dollar-plus fines. ... The audits are continuing and escalating. I just got four calls today," he said. A bill has been introduced in Congress to make the penalties less draconian, but nobody is expecting a magic bullet.
"From what we know, Congress is looking to make the penalties more proportionate to the tax benefit received instead of a fixed amount."
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, financial, international tax, and estate planning. He writes about 412(i), 419, Section79, FBAR and captive insurance plans. He speaks at more than ten conventions annually, writes for more than 50 publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Public Radio’s “All Things Considered” and others. Lance has written numerous books including “Protecting Clients from Fraud, Incompetence and Scams,” published by John Wiley and Sons, Bisk Education’s “CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation,” as well as the AICPA best-selling books, including “Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.” He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, or visit www.taxadvisorexpert.com.
The information provided herein is not intended as legal,
Sea nine problems use lance wallach who is the best, google him for sea nine insurance problems and sea nine veba audits
ReplyDeletesea nine veba problems and sea nine veba IRS audits and get all your money back from sea nine veba try the best, lance wallach
ReplyDeleteLance Wallach or www.lancewallach.com has never lost a case as an expert witness he will help you.
ReplyDeleteJustia Dockets & Filings
Search
Justia.com Find a Lawyer Legal Answers Law More ▾ Sign In
Justia > Dockets & Filings > Fifth Circuit > Texas > Texas Northern District Court > Patel et al v. Sea Nine Associates, Inc. et al
NEW - Receive Justia's FREE Daily Newsletters of Opinion Summaries for the US Supreme Court, all US Federal Appellate Courts & the 50 US State Supreme Courts and Weekly Practice Area Opinion Summaries Newsletters. Subscribe Now
Patel et al v. Sea Nine Associates, Inc. et al
Defendant: Ramesh Sarva, Gaurang Parikh, Sean Kath, Kenneth Elliott, Prudential Insurance Company, Comerica Bank, Ramesh Sarva, CPA, PC and Sea Nine Associates, Inc.
Plaintiff: MVP Consulting Plus, Inc., Naren Patel and Ilakumari Patel
Case Number: 3:2013cv04491
Filed: November 8, 2013
google lance wallach for help with sea nine veba or IRS or with kenneth elliott or
ReplyDeleteIlakumari Patel, Naren Patel and MVP Consulting Plus, Inc. v. Comerica Bank, Prudential Insurance Company, Kenneth Elliott, Sean Kath, Gaurang Parikh, Ramesh Sarva, Ramesh Sarva, CPA, PC and Sea Nine Associates, Inc.
Summary Lawsuit
Summary
Court Documents Court
Documents
Docket Text Docket
Text
Lawsuit Tracker™ Lawsuit
Tracker™
Docket Text Related
Cases
Lawsuit Details
RFC Case Number: 3:2013cv04491
File Date: Friday, November 08, 2013
Plaintiff: Ilakumari Patel, Naren Patel and MVP Consulting Plus, Inc.
Plaintiff Counsel:
Defendant: Comerica Bank, Prudential Insurance Company, Kenneth Elliott, Sean Kath, Gaurang Parikh, Ramesh Sarva, Ramesh Sarva, CPA, PC and Sea Nine Associates, Inc.
Cause: 28:1132 E.R.I.S.A.
Court: Texas Northern District Court
Ilakumari Patel, Naren Patel and MVP Consulting Plus, Inc. v. Comerica Bank, Prudential Insurance Company, Kenneth Elliott, Sean Kath, Gaurang Parikh, Ramesh Sarva, Ramesh Sarva, CPA, PC and Sea Nine Associates, Inc.
DeleteSummary Lawsuit
Summary
Court Documents Court
Documents
Docket Text Docket
Text
Lawsuit Tracker™ Lawsuit
Tracker™
Docket Text Related
Cases
Lawsuit Details
RFC Case Number: 3:2013cv04491
File Date: Friday, November 08, 2013
Plaintiff: Ilakumari Patel, Naren Patel and MVP Consulting Plus, Inc.
Plaintiff Counsel:
Defendant: Comerica Bank, Prudential Insurance Company, Kenneth Elliott, Sean Kath, Gaurang Parikh, Ramesh Sarva, Ramesh Sarva, CPA, PC and Sea Nine Associates, Inc.
Cause: 28:1132 E.R.I.S.A.
Court: Texas Northern District Court
Judge:
Veba Health Care: IRS to Audit Sea Nine VEBA Participating ...
Deletevebahealthcarelancewallach.blogspot.com/.../irs-to-audit-sea-nine-veba.h...
Dec 1, 2013 - The IRS may be auditing many more participating employers in the .... Example: sea nine veba audits lawsuits cja and associates veba 419 etc ...
You +1'd this
Form 8886 & 419 Litigation Plans: IRS to Audit Sea Nine VEBA ...
munibondlifeinsurance.blogspot.com/.../irs-to-audit-sea-nine-veba.html
by Lance Wallach - in 61 Google+ circles
Jan 21, 2013 - sea nine veba lawsuits get all your sea nine money back ... wallach for sea nine veba or 419 help sea nine veba audits and lawsuits help with ...
You've visited this page many times. Last visit: 3/2/14
sea nine veba kenneth elliot help ramesh sarva help fight IRS sea nine veba problems
ReplyDeletesea nine veba kenneth elliott ramesh sarva cpa help www.vebaplanl.com
ReplyDeleteIRS Issues Final Sec. 6707A Regulations
DeleteOn September 2, 2011, the IRS issued final regulations concerning the section 6707A penalty. Such a penalty is imposed on taxpayers who fail to include any information regarding a reportable transaction which was required to be disclosed. The final regulations follow the statutory language of section 6707A as amended by the Small Business Jobs Act of 2010, but do not give further guidance regarding the Service’s computation of the penalty. It is anticipated that such penalty computation guidance will be issued at a later date.(such guidance is expected by way of regulations that will be issued at a later date). Nonetheless, the final regulations do provide additional guidance concerning rescission of the penalty.
www.vebaplan.com lance wallach expert on sea nine veba and kenneth elliott and others
ReplyDeleteSearch for this case: Patel et al v. Sea Nine Associates, Inc. et al
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Ramesh Sarva
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Gaurang Parikh
Represented By: John P Kincade
Represented By: Elisabeth A Wilson
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Sean Kath
Represented By: Robert E Luxen
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Kenneth Elliott
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Prudential Insurance Company
Represented By: Robert E Luxen
Represented By: Andrew J Lorin
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Comerica Bank
Represented By: Patricia A Nolan
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Ramesh Sarva, CPA, PC
Search Blogs [ Justia BlawgSearch | Google Blogsearch ]
Search News [ Google News | Marketwatch | Wall Street Journal | Financial Times |New York Times ]
Search Finance [ Google Finance | Yahoo Finance | Hoovers | SEC Edgar Filings ]
Search Web [ Legal Web | Google | Bing | Yahoo | Ask ]
Defendant: Sea Nine Associates, Inc.
sea nine veba help www.taxaudit419.com also 419
ReplyDeletesea nine veba problems google lance wallach
ReplyDeleteIRS Issues Final Sec. 6707A Regulations
On September 2, 2011, the IRS issued final regulations concerning the section 6707A penalty. Such a penalty is imposed on taxpayers who fail to include any information regarding a reportable transaction which was required to be disclosed. The final regulations follow the statutory language of section 6707A as amended by the Small Business Jobs Act of 2010, but do not give further guidance regarding the Service’s computation of the penalty. It is anticipated that such penalty computation guidance will be issued at a later date.(such guidance is expected by way of regulations that will be issued at a later date). Nonetheless, the final regulations do provide additional guidance concerning rescission of the penalty.
E UNITED STATES DISTRICT COURT
ReplyDeleteFOR THE SOUTHERN DISTRICT OF ALABAMA
SOUTHERN DIVISION
J&M ASSOCIATES, INC., )
)
Plaintiff, )
)
vs. ) CIVIL ACTION NO. 07-0883-CG-C
)
MARK C. CALLAHAN, d/b/a )
CALLAHAN FINANCIAL SOLUTIONS, )
et. al., )
)
Defendants, )
)
ORDER
On December 21, 2007, J&M Associates Inc. (“J&M”) brought a lawsuit against Mark C.
Callahan d/b/a Callahan Financial Solutions, Lalat Pattanaik d/b/a I.P.S. Private Advisors, Brady
Richardson d/b/a Richardson Consultants, J. Michael Mangawang, Fredrick A. Romero, and
American General Life Insurance Company (“AIG”) alleging breach of contract, negligence,
wantonness, fraud, fraudulent concealment, and civil conspiracy relating to J&M’s enrollment in
a welfare benefit plan that ultimately led to “huge tax liability and penalties.” (Doc. 1). On
April 3, 2010, this court entered default against Brady Richardson d/b/a Richardson Consultants,
J. Michael Mangawang, and Fredrick A. Romero for failure to plead or otherwise defend the
action. (Doc. 47). On June 15, 2010, Mark Callahan d/b/a Callahan Financial Solutions, Lalat
Pattanaik d/b/a I.P.S. Private Advisors, and Brady Richardson d/b/a Richardson Consultants
were dismissed with prejudice. (Docs. 148, 153, & 154). This matter is now before the court on
Abusive Tax Shelters & 419 Plans Lawsuits
ReplyDelete412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
Sunday, July 1, 2012
IRS to Audit Sea Nine VEBA Participating Employers
Lance Wallach
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months. To better assist current Sea Nine clients and those that are now or may be under audit in the future, my associates who are CPAs, tax attys and former IRS employees will continue to help with the Sea Nine VEBA victims and others in 419, 412i captive insurance and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA, 419 captive insurance and section 79 scams?
• What will be the likely result of my audit?
• What if I don't agree with my audit results?
• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
• What is a “listed transaction”?
• What is Form 8886, and what are the penalties for failing to file Form 8886?
• Will I be responsible even if I relied on my tax advisor?
What recourse do I have against those that promoted and sold the Sea Nine VEBA? Lance Wallach, CLU, ChFC, CIMC, speaks and writes extensively about financial planning, retirement plans, and tax reduction strategies. He is an American Institute of CPA’s course developer and instructor and has authored numerous best selling books about abusive tax shelters, IRS crackdowns and attacks and other tax matters. He speaks at more than 20 national conventions annually and writes for more than 50 national publications. For more information and additional articles on these subjects, visit www.vebaplan.com, www.taxlibrary.us, lawyer4audits.com or call 516-938-5007.
Leagle.com
ReplyDeleteHOME
SEARCH
FEATURED DECISIONS
LEAGLE KONTACT
ABOUT US
CONTACT US
Share On Facebook Share With Twitter Share On Google+ Comments (0) Email This Page Print This Page
View Case
Cited Cases
Citing Case
J & M ASSOCIATES, INC. v. CALLAHAN
CIVIL ACTION NO. 07-0883-CG-C.
753 F.Supp.2d 1183 (2010)
J & M ASSOCIATES, INC., Plaintiff,
v.
Mark C. CALLAHAN, d/b/a Callahan Financial Solutions, et. al., Defendants.
United States District Court, S.D. Alabama, Southern Division.
Leagle.com procedural matter, this argument is not properly raised because AIG raised it for the first time in its reply brief. "As defendants well know, new arguments are impermissible in reply briefs." Abrams v. Ciba Specialty Chemicals Corp., 663 F.Supp.2d 1220, 1232 n. 16 (S.D.Ala.2009) (citing see e.g., Evans v. Infirmary Health Services, Inc., 634 F.Supp.2d 1276, 1285 n. 14 (S.D.Ala.2009) ("this Court's general practice is not to consider new arguments raised in a reply brief")); Fisher v. Ciba Specialty Chemicals Corp., 238 F.R.D. 273, 317 n. 89 (S.D.Ala. 2006) ("this argument is not properly raised because plaintiffs submitted it for the first time in their reply brief").
ReplyDelete14. J & M cites Walker v. Capstone Building Corp., ___ So.3d ___, 2010 WL 1170094 (Ala. Civ.App. Mar. 26, 2010) in support of its argument that J & M's wantonness claim carries a six-year statute of limitations. (Doc. 170, p. 39 n. 20). J & M's reliance on this case, however, is misplaced. Unlike Walker, where the court applied the six-year statute of limitations for trespass to the plaintiff's wantonness claim because he was injured when he stepped into a partially-covered manhole at a construction site, J & M has not alleged personal injury as a result of AIG's purported conduct. Therefore, this court finds that the two-year limitations period governing fraud should apply to J & M's wantonness claim.
15. Like its argument as to its duty under J & M's negligence claim, AIG also attempts, for the first time in its reply, to seek summary judgment as to J & M's civil conspiracy claim, asserting that specific claim is "also governed by the two-year statute of limitations and, for the same reasons, is barred." (Doc. 192, p. 14). As stated above, this court will not address this argument because as a procedural matter, this argument is not properly raised since AIG raised it for the first time in its reply brief.
US Says Benefit Plan Scheme Costs Millions In Taxes - Law360
ReplyDeletewww.law360.com/.../us-says-benefit-plan-scheme-costs-millions-...
Law360
Oct 11, 2013 - Elliot and his co-defendants are said to push the VEBA plans on ... effect of the participation in a Sea Nine VEBA plan is to provide participants with a ... Kenneth Elliott et al, case number 8:13-cv-01582 in the U.S. District Court ...
Williams Coulson :: Sea Nine VEBAs under attack by IRS
RAMESH SARVA
ReplyDeleteTuesday, January 7, 2014
SARVA
Defendants have also directly and indirectly promoted the VEBA plan scheme to prospective participants. Sarva for his part has been marketing Sea Nine's VEBA plans to customers across the United States for nearly 30 years- even before Elliot became involved- and continues to do this today.
Posted by Lance Wallach at 1:30 PM 3 comments:
Email This
BlogThis!
Share to Twitter
Share to Facebook
Share to Pinterest
Labels: Kae Consulting, Kenneth Elliot, Ramesh Sarva, Sarva, Sea Nine Veba, Vista Barranca
Sarva- More You Should Know
Sarva has similarly made numerous false statements to his customers about the Sea Nine VEBA plans despite his notice that they are not compliant with Section 419A(f)(6). He touts his many years of work with Sea Nine VEBA plans to potential customers reassuring them that the plans are completely legal. He provides potential plan participants with materials (such as the legal opinions by Elliot and Sea Nine) indicating that after 2004 the Sea Nine plans were not in conformity with the relevant provisions of the Tax Code. And he has promoted the concept that participation in the Sea Nine VEBA plans permits underscoring the cash value nature of the universal or whole life policies that the plans purchase for their participants, even though (noted above) a VEBA plan that operates in this fashion evidences experience rating.
6707A Penalties & 419 Plans Litigation
ReplyDelete412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
Friday, March 30, 2012
Court CaseSea Nine Veba
As an expert witness in this case the claims against Lance Wallach’s client was dismissed.
Lance Wallach’s side has never lost a case.
J&M ASSOCIATES, INC. v. CALLAHAN
J&M ASSOCIATES, INC., Plaintiff, v. MARK C. CALLAHAN, d/b/a CALLAHAN FINANCIAL SOLUTIONS, et. al., Defendants, Civil Action No. 07-0883-CG-C. United States District Court, S.D. Alabama, Southern Division. November 12, 2010.
ORDER
CALLIE V. S. GRANADE, District Judge.
On December 21, 2007, J&M Associates Inc. ("J&M") brought a lawsuit against Mark C. Callahan d/b/a Callahan Financial Solutions, Lalat Pattanaik d/b/a I.P.S. Private Advisors, Brady Richardson d/b/a Richardson Consultants, J. Michael Mangawang, Fredrick A. Romero, and American General Life Insurance Company ("AIG") alleging breach of contract, negligence, wantonness, fra
ReplyDeleteSearch
Advanced Search
March 2014
Su Mo Tu We Th Fr Sa
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31
Syndicate
Recent Posts Atom 1.0 Posts Atom 1.0
Recent Comments Atom 1.0 Comments Atom 1.0
Recent Posts RSS 2.0 Posts RSS 2.0
Recent Comments RSS 2.0 Comments RSS 2.0
Podcasts RSS 2.0 Podcasts RSS 2.0
Monthly Archives
2014
February 2014 (1)
January 2014 (1)
2013
2012
2011
Category Archives
CJA & CJA and Associates (1)
FBAR (1)
Recent Posts
How Do I File My Annual Return?
Tuesday, February 25, 2014
Group Captives
Monday, January 06, 2014
Internal Revenue Code Section 79
Thursday, November 21, 2013
Did You Lose Money In A 419 Plan
Tuesday, September 17, 2013
Defendant in $20 Million Illegal Stock for Compensation Fraud Scheme Sentenced
Tuesday, August 06, 2013
Aerospace Industry - Audit Techniques Guide -
Tuesday, July 02, 2013
CJA & Associates and 412i, 419, and Other Abusive Plans
Tuesday, March 26, 2013
IRS Attacks CJA & CJA and Associates’ plans
Tuesday, March 26, 2013
CJA AND ASSOCIATES 419 412I SECTION 79 SCAM AUDITS LAWSUITS
Tuesday, November 27, 2012
Jail time for failure to file TD F 90-22.1 Report of Foreign Bank and Financial Accounts
Thursday, August 16, 2012
Recent Comments
Subscribe
Blog Post
Subscribe
Tag Cloud
412i 419e 419plans amnesty benefit_plans benefitplans Captive Insurance CJA &CJA and Associates Expert Witness fbar finance foreign bank accounts insurance IRS IRS_tax_penalties IRStaxpenalties lance Wallach Lance Wallach opt-out taxshelters
Class Action Filed against CJA and Associates and Fidelity Security Life
Hartford, CT: A consumer fraud class action lawsuit has been filed against Chicago-based CJA and Associates and Kansas City, Missouri-based Fidelity Security Life Insurance Company (FSL).
The lawsuit alleges that CJA and FSL breached fiduciary duties in duping small business owners into investing millions of dollars of employee retirement benefit money in FSL annuities when up to 95% of the initial money invested was being siphoned off in commissions and fees.
The so-called Section 412 (e)(3) plans are under attack from the IRS as illegitimate attempts to avoid federal taxes. The lawsuit alleges that by advising investment in these plans CJA and FSL breached federal laws governing advice given to employee benefit plans.
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate
Lance Wallach
ReplyDeleteShared publicly - Mar 10, 2014
412i-419 Plans
419 & 412i benefit plan,abusive tax shelters, Lance Wallach Expert Witness
Friday, March 7, 2014
412i-419 Plans: 412i-419 Plans: KENNETH ELLIOT: Sea Nine VEBA Impo..
CJA and associates
ReplyDeleteby Robbendo Oct 24, 2012 26 comments Review #: 353870
1 of 2 Sea Nine Veba Benistar Reviews Next →
Company Sea Nine Veba Benistar
Product / Service Veba 419
Location New York City, New York
Category Finances
Views 107
www.vebaplan.com for help
www.taxaduit419.com for help with 419 plans IRS audits lawsuits of 419 412i captive insurance and section 79 plans|.
California Enrolled Agent
January 2, 2009
Abusive 412(i) Retirement Plans Can Get Accountants Fined $200,000
By Lance Wallach & Ira Kaplan
Most insurance agents sell 412(i) retirement plans!. The large insurance commissions generate some of the enthusiasm'. Unlike other retirement plans,
SEA NINE VEBA
ReplyDeleteTuesday, January 7, 2014
Defendants Organize, Operate and/or promote a scheme- VEBA PLANS
Defendants organize, operate, and or promote a scheme in which they sell to customers owning smalloften closely-held companies participation in Voluntary Employee Beneficiary Associates (VEBA) plans. The defendants claim that customers can, through the contributions their business makes to VEBA plans administered or operated by the defendants, fund for their employees (and more often than that not themselves) a valuable insurance-oriented welfare benefit while claiming all of the VEBA contributions as a federal income tax deduction. At the same time , those plan contributions are intended to provide participating customers with a valuable deferred compensation-like benefit that allows them to recoup the full value of their initial contributions. In fact, this scheme- through which the Defendants' customers enjoy a substantial tax deduction for their plan contributions, while also permitting them to retain the full value of the contribution later- violates the Internal Revenue Code and applicable Treasury regulations, and the Defendants' promotion of it constitutes enjoin-able penalty conduct.
KENNETH ELLIOT: Sea Nine VEBA Important
ReplyDeleteKENNETH ELLIOT: Sea Nine VEBA Important: As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For...
IRS to Audit Sea Nine VEBA Participating - Veba Health Care
ReplyDeletevebahealthcarelancewallach.blogspot.com/.../irs-to-audit-sea-nine-veba.h...
Dec 1, 2013 - In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many ...
You shared this on Google+
412i-419 Plans: KENNETH ELLIOT: Sea Nine VEBA Important
419plans.blogspot.com/.../kenneth-elliot-sea-nine-veba-important.html
Mar 7, 2014 - KENNETH ELLIOT: Sea Nine VEBA Important: As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating ...
You +1'd this
412i-419 Plans: KENNETH ELLIOT: Sea Nine VEBA Important
419plans.blogspot.com/.../kenneth-elliot-sea-nine-veba-important_12.ht...
Mar 12, 2014 - Nov 12, 2010 - Kenneth Elliott was an employee of Sea Nine and the administrator of the ... Mr. Elliott served two roles in regards to the VEBA ...
Lance Wallach +1'd this
IRS tax relief firm, Lance Wallach, speaking
ReplyDeleteTuesday, March 4, 2014
RAMESH SARVA: SARVA
RAMESH SARVA: SARVA: Defendants have also directly and indirectly promoted the VEBA plan scheme to prospective participants. Sarva for his part has been marketin...
Sea Nine Veba Benistar - CJA and associates Review 300237 Oct ...
www.pissedconsumer.com/.../sea-nine-veba.../cja-and-associates-201210...
Oct 24, 2012 - 1 of 2 Sea Nine Veba Benistar Reviews ...... Kenneth Elliott, Prudential Insurance Company, Comerica Bank, Ramesh Sarva, CPA, PC and Sea ...
You've visited this page many times. Last visit: 2/2/14
Finance Experts .org - Bravenet
pub33.bravenet.com/forum/static/show.php?usernum...frmid...
Sep 30, 2013 - 23 posts - 22 authors
section 79 help sea nine veba audits www.vebaplan.com. Similarly, the IRS position on single ... KENNETH ELLIOT: Sea Nine VEBA Important
Posted by Lance Wallach at 7:27 AM
Email This
BlogThis!
Share to Twitter
Share to Facebook
Share to Pinterest
2 comments:
Lance WallachMay 7, 2014 at 7:19 AM
WebCPAs "reflecting the tax consequences of the strategy", it could be argued that
continued benefit from a tax deferral for a previous tax deduction is within the contemplation
of a "tax consequence" of the plan strategy. Also, many taxpayers who no longer make
contributions or claim tax deductions continue to pay administrative fees. Sometimes,
money is taken from the plan to pay premiums to keep life insurance policies in force. In
these ways, it could be argued that these taxpayers are still "contributing", and thus still
must file Form 8886.
It is clear that the extent to which a taxpayer benefits from the transaction depends on the
purpose of a particular transaction as de
The Tax Fairy, that fickle goddess of painless massive tax reduction, is often sought in the misty fens of the welfare benefit sections of the tax law. A U.S. District Court in California has deprived the Tax Fairy’s believers of one guide for their hunt.
ReplyDeleteCPA Ramesh Sarva and Kenneth Elliot led Tax Fairy seekers to Section 419, which provides for VEBAs — “Voluntary Employee Beneficiary Association” plans. Properly operated, VEBAs enable employers to make deductible contributions to a plan that buys insurance for employees.
A company associated with Mr. Sarva and Mr. Elliot, Sea Nine, told employers that they could use VEBAs to get around the tax law rules against deducting most life insurance premiums. Their customers deducted contributions to VEBAs and used them to buy whole-life insurance policies with high cash value accumulation on the business owners’ lives. The owners then borrowed the cash values. The purported result was a deduction, followed by tax-free access to the deducted cash via borrowing cash values.
Tax Fairy guides can always find willing customers: “…small business owners with high net worth (often doctors with small but lucrative medical practices),” according to the IRS complaint. It has not gone well for the Tax Fairy adherents:
Sarva has successfully marketed at least 33 separate VEBAs plans to a variety of small business owners. All of these participants have been or are currently being audited by the IRS. 13 of these participant audits have been completed and have resulted in total tax adjustments of $3,500,519.
In other words, it doesn’t work. The IRS warned people off of such plans as early as 1995, and the scheme was firmly shot down by a U.S. Court of Appeals in 2002 in the Neonatology Assoc. P.A. case. In fact, Neonatology was a Sea Nine client. Undaunted, Sea Nine kept selling the idea, selling the plans through “a network of affiliated third parties” including “independent certified publica accountants (“CPA”) and financial planners.” At least they did until yesterday, when they consented to a permanent injunction yesterday against further Tax Fairy hunts.
Sea Nine had clients all over the place; the complaint lists clients in California, Florida, Alabama, and Hawaii, all with big IRS exam adjustments.
A side note: This is another example of why preparer regulation will be little use in keeping practitioners on the straight and narrow. The defendant was a CPA and as such faced much stricter credentialing than anything contemplated by the IRS. Yet he continued to sell these plans for years after it should have been obvious that they didn’t work.
The Moral? There is no Tax Fairy, and just because somebody has gotten away with something for a long time doesn’t mean they’ve found her. Also: you can make somebody take a test. You can make them somebody take CPE. But you can’t make a bumbler competent or a scammer honest.
Q.1. What action has the US Department of Justice taken against the promoters of the Sea Nine VEBA?
ReplyDeleteA.1. The US Department of Justice (“DOJ”) has brought an action against Mr. Elliott and other defendants to prevent further sales and promotion of the Sea Nine VEBAs. One of the other defendants consented to the permanent injunction and, as part of his settlement, he provided a list of participants in the Sea Nine VEBAs.
Q.2. Will the result of providing the customer list to the government result in the opening of IRS audits?
A.2. Maybe. There is no way to know if the IRS will audit all of the Sea Nine participants. Previously, in auditing promoters of other 419 plans, the IRS has obtained customer lists and then subsequently audited some percentage of participating employers. In this case, we understand from court pleadings that the IRS previously audited a sampling of Sea Nine participants. In those audits, the IRS took the position that the Sea Nine VEBAs were both noncompliant with the tax code relating to multiple employer plans and also were listed transactions (see below). It would not be surprising if the IRS chooses to open audits of Sea Nine participants as a result of obtaining the customer list.
Q.3. If I am not currently under audit, what can I do to minimize my IRS exposure?
A.3. There are several actions you should consider immediately.
Terminate Participation in the Plan. If you haven’t done so already, you should consider terminating your participation in the Plan and requesting a complete distribution of benefits. There are both tax and legal ramifications of this action, so you should have legal counsel assistance for this action.
Recognize Income. The IRS has informally recommended that taxpayers not under audit should consider amending their earliest open return to include the value of the policy and the cost of insurance in income. However, the IRS has also stated that amending back tax returns will not guarantee that a taxpayer will not be audited nor will it guarantee that the IRS won’t impose accuracy or listed transaction penalties. Another alternative is to include the value of the policy in income (together with the cost of insurance) for the year the plan is terminated based on the value received. Each of these theories of income inclusion has a basis and should be considered carefully with a tax professional.
Disclose Listed Transaction. Congress has enacted laws to help the IRS fight abusive tax shelters. These laws require taxpayers who participate in potentially abusive tax programs that are identified by the IRS as “listed transactions” to disclose such participation to the IRS. If a taxpayer is required to make such a disclosure and fails to do so, the following penalties apply. First, for every year that a taxpayer has an obligation to file a disclosure form (IRS Form 8886) and fails to do so completely and timely, the IRS shall impose a penalty equal to 75% of the tax benefit as shown on the return with a minimum penalty of $5,000 for individuals and $10,000 for businesses. There is also a maximum penalty of $100,000 per return for individuals and $200,000 per return for businesses. For C Corporations, the penalty gemal filing and should be considered with experienced tax counsel.
COMERICA BANK v. SEA NINE ASSOCIATES INC.
ReplyDeleteEmail | Print | Comments (0)
Case No. 8:14-cv-186-JLS (JPRx).
COMERICA BANK, Plaintiff, v. SEA NINE ASSOCIATES INC., et al., Defendants.
United States District Court, C.D. California.
April 22, 2014.
View Case Cited Cases Citing Case
Comerica Bank, Plaintiff, represented by Karen L Stevenson, Buchalter Nemer APC, Michael N Westheimer, Buchalter Nemer APC & Richard C Darwin, Buchalter Nemer.
Kenneth A Elliott, Movant, Pro Se.
ORDER GRANTING PLAINTIFF'S MOTION FOR PRELIMINARY INJUNCTION (Doc. 9)
JOSEPHINE L. STATON, District Judge.
I. INTRODUCTION
Before the Court is Plaintiff Comerica Bank's unopposed Motion for Preliminary Injunction. (Mot., Doc. 9.)1 The Court finds this matter appropriate for decision without oral argument. Fed. R. Civ. P. 78(b); C.D. Cal. L.R. 7-15. Accordingly, the hearing on the Motion, set for April 25, 2014, at 2:30 p.m., is VACATED. For the reasons set forth below, the Court GRANTS Plaintiff's Motion. The Court enters a preliminary injunction as set forth in the concurrently-filed Order.
II. BACKGROUND
Plaintiff is the directed trustee for six trust funds. (Cliff Langwith Decl. ¶ 1, Doc. 9-8; Compl. Exs. A, B, Doc. 1.) The trust funds are the funding mechanism for six corresponding employer welfare benefit plans, which are sponsored by associations of employees and are used to purchase life insurance contracts. (Langwith Decl. ¶¶ 1, 3; Compl., Exs. A, C-G.) The plans are administered by Defendant Sea Nine
COMERICA BANK v. SEA NINE ASSOCIATES INC.
ReplyDeleteEmail | Print | Comments (0)
Case No. 8:14-cv-186-JLS (JPRx).
COMERICA BANK, Plaintiff, v. SEA NINE ASSOCIATES INC., et al., Defendants.
United States District Court, C.D. California.
April 22, 2014.
View Case Cited Cases Citing Case
Comerica Bank, Plaintiff, represented by Karen L Stevenson, Buchalter Nemer APC, Michael N Westheimer, Buchalter Nemer APC & Richard C Darwin, Buchalter Nemer.
Kenneth A Elliott, Movant, Pro Se.
ORDER GRANTING PLAINTIFF'S MOTION FOR PRELIMINARY INJUNCTION (Doc. 9)
JOSEPHINE L. STATON, District Judge.
I. INTRODUCTION
Before the Court is Plaintiff Comerica Bank's unopposed Motion for Preliminary Injunction. (Mot., Doc. 9.)1 The Court finds this matter appropriate for decision without oral argument. Fed. R. Civ. P. 78(b); C.D. Cal. L.R. 7-15. Accordingly, the hearing on the Motion, set for April 25, 2014, at 2:30 p.m., is VACATED. For the reasons set forth below, the Court GRANTS Plaintiff's Motion. The Court enters a preliminary injunction as set forth in the concurrently-filed Order.
II. BACKGROUND
Plaintiff is the directed trustee for six trust funds. (Cliff Langwith Decl. ¶ 1, Doc. 9-8; Compl. Exs. A, B, Doc. 1.) The trust funds are the funding mechanism for six corresponding employer welfare benefit plans, which are sponsored by associations of employees and are used to purchase life insurance contracts. (Langwith Decl. ¶¶ 1, 3; Compl., Exs. A, C-G.) The plans are administered by Defendant Sea Nine
View Lance Wallach's profile on LinkedIn
ReplyDeleteParticipants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice.
Lance Wallach, Expert Witness
SEA NINE VEBA COMPANY
Speaker of the Year and member of the AICPA faculty of teaching professionals
Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters
Writes about 412(i), 419, and captive insurance plans
Speaks at more than ten conventions annually
Writes for more than fifty publications
Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others
Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons
Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation
Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots
Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
View Lance Wallach's profile on LinkedIn
ReplyDeleteParticipants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice.
Lance Wallach, Expert Witness
SEA NINE VEBA COMPANY
Speaker of the Year and member of the AICPA faculty of teaching professionals
Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters
Writes about 412(i), 419, and captive insurance plans
Speaks at more than ten conventions annually
Writes for more than fifty publications
Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others
Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons
Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation
Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots
Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
#cjaandassociates
ReplyDelete#cjaandassociates
ReplyDelete#cjaandassociates
ReplyDelete#cjaandassociates
ReplyDelete#kenelliotseanineveba
ReplyDelete#kenelliotseanineveba
ReplyDeleteUS Says Benefit Plan Scheme Costs Millions In Taxes
ReplyDeleteBy Gavin Broady
US Says Benefit Plan Scheme Costs Millions In Taxes
ReplyDeleteBy Gavin Broady
#seanineveba
ReplyDelete#seanineveba
ReplyDeleteIRS to Audit Sea Nine VEBA Participating Employers
ReplyDeleteWebsite By Lance Wallach, CLU, CHFC
Firm's Profile & Articles Firm's Profile & Articles
FIND MORE LEGAL ARTICLES
Type any word(s)
SEARCH
The IRS may be auditing many more participating employers in the coming months.
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months. To better assist current Sea Nine clients and those that are now or may be under audit in the future, my associates who are CPAs, tax attys and former IRS employees will continue to help with the Sea Nine VEBA victims and others in 419 412i captive insurance and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA,419 captive insurance and section 79 scams?
• What will be the likely result of my audit?
• What if I don't agree with my audit results?
• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
• What is a “listed transaction” ?
• What is Form 8886, and what are the penalties for failing to file Form 8886?
• Will I be responsible even if I relied on my tax advisor?
• What recourse do I have against those that promoted and sold the Sea Nine VEBA?
ABOUT THE AUTHOR: Lance Wallach
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, international tax, and other subjects. He writes about FBAR,OVDI, international taxation, captive insurance plans and other topics. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio’s All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as the AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.
Copyright Lance Wallach, CLU, CHFC - Google+
More information about Lance Wallach, CLU, CHFC
IRS to Audit Sea Nine VEBA Participating Employers
ReplyDeleteWebsite By Lance Wallach, CLU, CHFC
Firm's Profile & Articles Firm's Profile & Articles
FIND MORE LEGAL ARTICLES
Type any word(s)
SEARCH
The IRS may be auditing many more participating employers in the coming months.
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months. To better assist current Sea Nine clients and those that are now or may be under audit in the future, my associates who are CPAs, tax attys and former IRS employees will continue to help with the Sea Nine VEBA victims and others in 419 412i captive insurance and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA,419 captive insurance and section 79 scams?
• What will be the likely result of my audit?
• What if I don't agree with my audit results?
• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
• What is a “listed transaction” ?
• What is Form 8886, and what are the penalties for failing to file Form 8886?
• Will I be responsible even if I relied on my tax advisor?
• What recourse do I have against those that promoted and sold the Sea Nine VEBA?
ABOUT THE AUTHOR: Lance Wallach
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, international tax, and other subjects. He writes about FBAR,OVDI, international taxation, captive insurance plans and other topics. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio’s All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as the AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots.
Copyright Lance Wallach, CLU, CHFC - Google+
More information about Lance Wallach, CLU, CHFC
BenistarAudits.com
ReplyDeleteBenistar
Benistar 419 Plan
Grist Mill Trust
Nova
Niche
Sea Nine Veba
SADI Trust
Beta 419
Millennium
Bisys
Creative Services Group
Sterling Benefit Plan
Compass 419
Niche 419
CRESP
American Benefits Trust
National Benefit Plan and Trust
ABT
Professional Benefits Trust
Old Mutual
Allmerica Financial
American Heritage Life
Commercial Union Life
National Life of Vermont
Old Line Life
Security Mutual Life
West Coast Life
ECI Pension Services
Pension Professionals of America
ABI
Hartford
AIG
Indy Life
Indianapolis Life
BenistarAudits.com
ReplyDeleteBenistar
Benistar 419 Plan
Grist Mill Trust
Nova
Niche
Sea Nine Veba
SADI Trust
Beta 419
Millennium
Bisys
Creative Services Group
Sterling Benefit Plan
Compass 419
Niche 419
CRESP
American Benefits Trust
National Benefit Plan and Trust
ABT
Professional Benefits Trust
Old Mutual
Allmerica Financial
American Heritage Life
Commercial Union Life
National Life of Vermont
Old Line Life
Security Mutual Life
West Coast Life
ECI Pension Services
Pension Professionals of America
ABI
Hartford
AIG
Indy Life
Indianapolis Life
BenistarAudits.com
ReplyDeleteBenistar
Benistar 419 Plan
Grist Mill Trust
Nova
Niche
Sea Nine Veba
SADI Trust
Beta 419
Millennium
Bisys
Creative Services Group
Sterling Benefit Plan
Compass 419
Niche 419
CRESP
American Benefits Trust
National Benefit Plan and Trust
ABT
Professional Benefits Trust
Old Mutual
Allmerica Financial
American Heritage Life
Commercial Union Life
National Life of Vermont
Old Line Life
Security Mutual Life
West Coast Life
ECI Pension Services
Pension Professionals of America
ABI
Hartford
AIG
Indy Life
Indianapolis Life
Advantage
Jacksom National
Jefferson-Pilot Life
Lincoln Benefit Life
Lincoln National Life
Manufacturers Life
Massachusetts Mutual
ReplyDeleteBusiness Owner at National Offices of Lance Wallach
Invest Tax-Free, Reap Tax-Free Returns
WHAT A SWEET DEAL. Scads of self-employed professionals, their eyes on a comfy retirement, are buying insurance policies that let them shovel unlimited amounts into investment accounts, which they deduct on their tax filings. And when they retire they can tap into these accounts, again with no taxes nibbling away at the proceeds.
Unfortunately a July 31 ruling by U.S. Tax Court Judge David Laro gave the lie to that miracle. And suddenly 28 small businesses and individuals, most of them doctors, that bought into one of these schemes find themselves liable for huge sums in back taxes, interest and penalties.
While no numbers are available, private tax advisers and the Internal Revenue Service say this chicanery is spreading rapidly among professional partnerships, particularly medical ones. Blame bull-market euphoria, blame baby boomers’ retirement anxiety, whatever. More crackdowns are
Fraudulent Voluntary Employee Beneficiary Association (VEBA) Lawsuit
ReplyDeleteIn July 2014, our attorneys filed a class action lawsuit against American General Life Insurance Company and Sea Nine Associates, Inc., among other defendants, alleging the defendants violated the Racketeer Influenced and Corrupt Organizations Act – federal law designed to combat organized crime – by fraudulently inducing owners of small, closely held businesses to join and contribute money to Voluntary Employee Benefit Associations (VEBAs).
The lawsuit alleges that millions of dollars that small businesses contributed were used to purchase American General life insurance policies, providing millions of dollars in commissions and fees to American General.
Insurers Knew VEBAs Were Non-IRS-Compliant, Lawsuit Says
VEBAs are ordinarily used to provide employee benefits such as healthcare and life insurance. However, our lawsuit alleges that the insurers marketed tax deductions for any contributions that the small businesses made to the VEBAs, along with tax-free access to the funds years down the road.
The lawsuit further alleges that defendants knew that the promised tax benefits to the small businesses were illusory, and that the IRS would likely perceive the VEBAs as an illegal deferred-compensation scheme. According to the complaint, the VEBAs’ plan documents were identical to those that the IRS had deemed non-compliant in 2000.
Indeed, the lawsuit says that in 2003, the defendants received a legal opinion that the plans were likely illegal, but did not disclose this to the small business contributors. According to the complaint, even after receiving this legal opinion, American General, Sea Nine Associates, and their agents continued to help market the illegal VEBAs and sell American General policies for at least four more years.
San Nine VEBA Participants Audited by the IRS
The lawsuit states that many victims were audited by the IRS and forced to pay back taxes and penalties. The lawsuit further states that whether audited or not, Sea Nine VEBA participants do not have access to the funds they originally placed in the VEBAs and must wait to exercise a court-approved exit strategy before they can possess those funds again.
The lawsuit alleges VEBA participants have suffered financial losses as a result putting money into this VEBA scheme instead of an alternative investment.
VEBA Current Case Status
Our attorneys have litigated this case for nearly two years, surviving a motion to dismiss, gathering the relevant documentary evidence, and obtaining sworn testimony from the key players in the alleged scheme. We have also retained a damages expert to opine on the losses that we believe resulted from Defendants’ allegedly illegal conduct.
While the lawsuit was initially filed as a class action, on May 18, 2016, the Court declined to certify a class of all participants in the VEBAs. As a result, though our lawsuit may proceed, we may only recover damages on behalf of the named plaintiffs, a company called Ulti-Mate Connectors and three of its key employees. Other victims of this alleged scheme will not recover unless they file a separate lawsuit.
The "Lance Wallach" advantage is credibility, experience and trust!
ReplyDeleteView Lance Wallach's profile on LinkedIn
ReplyDeleteParticipants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice.
Lance Wallach, Expert Witness
SEA NINE VEBA COMPANY
Speaker of the Year and member of the AICPA faculty of teaching professionals
Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters
Writes about 412(i), 419, and captive insurance plans
Speaks at more than ten conventions annually
Writes for more than fifty publications
Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others
Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons
Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation
Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots
Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
IRS Tax Probs
ReplyDeleteHelp with Common IRS Problems - Helpful articles an commissions!