Don’t let someone do the disclosure form for you unless they are a CPA with years of experience successfully doing the disclosure forms. We also suggest the CPA that does the disclosure form be done by an Ex- IRS agent who has many years of tax experience.
If the captive refers you to someone for the forms, they are probably protecting THEMSELVES and NOT YOU.
Otherwise, if not done properly the IRS will get you.
small captives and the IRS | Lance Wallach | Pulse | LinkedIn
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).
ReplyDeleteThe 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.
Notice 2017-10 PDF – Syndicated Conservation Easement Transactions - This notice describes certain transactions in which some promoters are syndicating conservation easement transactions that purport to give investors the opportunity to obtain charitable contribution deductions in amounts that significantly exceed the amount invested. The promoters identify a pass-through entity that owns real property, or form a pass-through entity to acquire real property. Additional tiers of pass-through entities may be formed. The promoters then syndicate ownership interests in the pass-through entity or tiered entities that owns the real property, suggesting to prospective investors that they may be entitled to a share of a charitable contribution deduction that equals or exceeds two and one-half tim
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Lance Wallach
@LanceWallach
I was pulled over by a cop last night and he asked if I had a police record
Apparently Roxanne was not the right answer