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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?
VEBA lawsuits audits get your money back Published on Published onJanuary 19, 2018 Edit article View stats Lance Wallach Lance Wallach Abusive tax shelters, 419, section 79, 412i micro captive insurance, VEBA, expert witness, author, speaker 750 articles Unlike 1 Comment 0
John Hancock Life Insurance Co. of New York and Nationwide Life Insurance Co. are in the crosshairs of a pair of lawsuits challenging their involvement with a disbarred attorney who mishandled millions of dollars of employer-sponsored cash value life insurance policies ( Hausknecht v. John Hancock Life Ins. Co. of N.Y. , E.D. Pa., No. 2:17-cv-03911, complaint filed 8/31/17 ; Corman v. Nationwide Life Ins. Co. , E.D. Pa., No. 2:17-cv-03912, complaint filed 8/31/17 ).
At issue in the case is the multiple-employer welfare arrangement designed and created by disbarred attorney John Koresko and his entities—commercially known as REAL VEBA. The arrangement drew multiple lawsuits by the Labor Department and participants who suffered losses due to Koresko’s mishandling of several aspects of the REAL VEBA.
John Hancock and Nationwide are accused of selling their life insurance products through the arrangement and encouraging their agents to recommend it despite allegedly knowing that its nature was misrepresented, according to two separate lawsuits filed Aug. 31 in federal court in Pennsylvania. The insurers also allowed Koresko to convert plan assets by authorizing loans in violation of ERISA, the lawsuits alleges
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IRS to Audit Sea Nine VEBA Participating Employers
By Lance Wallach, CLU, CHFC
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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
VEBA lawsuits audits get your money back
ReplyDeletePublished on Published onJanuary 19, 2018
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Lance Wallach
Lance Wallach
Abusive tax shelters, 419, section 79, 412i micro captive insurance, VEBA, expert witness, author, speaker
750 articles
Unlike 1
Comment
0
John Hancock Life Insurance Co. of New York and Nationwide Life Insurance Co. are in the crosshairs of a pair of lawsuits challenging their involvement with a disbarred attorney who mishandled millions of dollars of employer-sponsored cash value life insurance policies ( Hausknecht v. John Hancock Life Ins. Co. of N.Y. , E.D. Pa., No. 2:17-cv-03911, complaint filed 8/31/17 ; Corman v. Nationwide Life Ins. Co. , E.D. Pa., No. 2:17-cv-03912, complaint filed 8/31/17 ).
At issue in the case is the multiple-employer welfare arrangement designed and created by disbarred attorney John Koresko and his entities—commercially known as REAL VEBA. The arrangement drew multiple lawsuits by the Labor Department and participants who suffered losses due to Koresko’s mishandling of several aspects of the REAL VEBA.
John Hancock and Nationwide are accused of selling their life insurance products through the arrangement and encouraging their agents to recommend it despite allegedly knowing that its nature was misrepresented, according to two separate lawsuits filed Aug. 31 in federal court in Pennsylvania. The insurers also allowed Koresko to convert plan assets by authorizing loans in violation of ERISA, the lawsuits alleges