Lance Wallach
Total live articles: 46
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Education:
· Baruch College (CUNY)
· The American College – Chartered Financial Consultant (ChFC)
· The American College – Chartered Life Underwriter (CLU)
Guest Lecturer for:
· Baruch College (Taxes on Tuesdays); Long Island University, C.W. Post Graduate School of Accountancy.
Lance Wallach, Managing Director, is the nation's leading expert on employee benefit plans, tax problem resolution and IRS audit defense. Mr. Wallach's team of highly experienced tax attorneys, CPAs and ex-IRS agents have helped his clients save hundreds of thousands of dollars by successfully defending them in lawsuits and IRS audits. Lance Wallach, a member of the AICPA faculty of teaching professionals and an AICPA course developer, is a frequent and popular speaker on retirement plans, financial and estate planning, reducing health insurance costs, and tax oriented strategies at accounting and financial planning conventions. He has authored numerous books, including The Team Approach to Tax, Financial and Estate Planning by the AICPA and Wealth Preservation Planning by the National Society of Accountants. His newest books are CPA’s Guide to Life Insurance and CPA’s Guide to Federal and Estate Gift Taxation, published by Bisk CPEasy, and Protecting Clients from Fraud, Incompetence and Scams, published by John Wiley & Sons, Incorporated. Mr. Wallach writes for over fifty publications, including AICPA Planner, Accounting Today, CPA Journal, Enrolled Agents Journal, Financial Planning, Registered Representative, Tax Practitioners Journal, CPA/Law Forum, Employee Benefit News, Health Underwriter, Advisor and the American Medical Association News. Mr. Wallach is listed in Who’s Who in Finance and Industry and has been featured on television and radio financial talk shows.
Recent Activity
Like any other professional service, such as legal services, medical care, or accounting services, the price of appraisal services should always be one consideration in selecting the professional or professional firm.
Recently IRS raided Benistar, which is also known as the Grist Mill Trust.
FATCA was enacted in 2010 by Congress as part of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA requires FFIs to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
Investor protection with municipal bonds is so spotty that there is potential for much mischief.
The IRS in Notice 2007-83 identified as listed transactions certain trust arrangements involving cash-value life insurance policies.
1. The granting of loans to participants 2. Providing deferred compensation 3. Plan terminations that result in the distribution of assets rather than being used post-retirement, as originally established. 4. Permitting the transfer of life insurance policies to participants.
February 8, 2011, the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) program is a welcome but conditional amnesty allowing taxpayers with foreign accounts to come clean and get into compliance with the IRS.
Did you get a letter from the IRS threatening to impose this fine? If you haven't already, you still may. Consider yourself lucky if you have not because this means that you have more time to straighten this situation out. Do not wait for this letter to come from the IRS before you call an expert to help you. Even if you have been audited already, you could still get the letter and/or fine. One has nothing to do with the other, and once the fine has been imposed, it is not able to be appealed.
You may want to think about participation in the IRS' offshore tax amnesty program (called the Offshore Voluntary Disclosure Initiative). Do you want to play audit roulette with the IRS? Some clients think they are too small to be prosecuted. They are wrong.
For those with current offshore accounts, the deadline to file the annual Report of Foreign Bank and Financial Account ("FBAR") is here. * File your FBAR NOW.The form is known as the TD F 90-22.1 form.
