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IRS Attacks Business Owners in 419, 412, Section 79 and Captive Insurance Plans Under Section 6707A

Taxpayers who previously adopted 419, 412i, captive
insurance or Section 79 plans are in big trouble.
In recent years, the IRS has identified many of these arrangements as abusive devices to funnel tax deductible dollars to shareholders and classified these arrangements as listed transactions.” These plans were sold by insurance agents, financial planners, accountants and attorneys seeking large life insurance commissions.

By:
Lance Wallachl

Finance>
Insurancel
Jan 20, 2011