Plans Have Money Overseas Which would potentially subject the participants to additional IRS penalties MARCH 6, 2013 On February 28, 2012, the United States District Court for the Northern District of Illinois entered a final judgment of permanent injunction against Tracy L. Sunderlage and related parties concerning the PBT plan and Mavin transactions.
As a result of the court’s order, Tracy Sunderladge and the related parties are required to provide a complete list of PBT/Mavin participants to the Internal Revenue Service.Tracy Sunderladge, Final Judgement on PBT Plan and Mavin Transactions: Complete Participant List The IRS may assert that participants in the PBT/Mavin transactions are subject to substantial additional income taxes and various penalties for failure to properly report these transactions in accordance with federal laws which require the disclosure of foreign accounts and certain abusive tax avoidance transactions. Federal tax penalties could be asserted that exceed 50% of the value of the assets held in the PBT/Mavin accounts.The IRS may consider reducing penalties if participants voluntarily come forward, make disclosure of their PBT/Mavin participation to the IRS and take advantage of the opportunity to settle their federal tax issues before the IRS opens an audit.
ance 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, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for more than 20 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 AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business
TAG ARCHIVES: TRACY L. SUNDERLAGE
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MARCH 6, 2013
On February 28, 2012, the United States District Court for the Northern District of Illinois entered a final judgment of permanent injunction against Tracy L. Sunderlage and related parties concerning the PBT plan and Mavin transactions.
As a result of the court’s order, Tracy Sunderladge and the related parties are required to provide a complete list of PBT/Mavin participants to the Internal Revenue Service.Tracy Sunderladge, Final Judgement on PBT Plan and Mavin Transactions: Complete Participant List The IRS may assert that participants in the PBT/Mavin transactions are subject to substantial additional income taxes and various penalties for failure to properly report these transactions in accordance with federal laws which require the disclosure of foreign accounts and certain abusive tax avoidance transactions. Federal tax penalties could be asserted that exceed 50% of the value of the assets held in the PBT/Mavin accounts.The IRS may consider reducing penalties if participants voluntarily come forward, make disclosure of their PBT/Mavin participation to the IRS and take advantage of the opportunity to settle their federal tax issues before the IRS opens an audit.
ance 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, financial and estate planning, and abusive tax shelters. He writes about 412(i), 419, and captive insurance plans. He speaks at more than ten conventions annually, writes for more than 20 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 AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business
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