Tax Shelter Penalty Cases Hurt Thousands of Small Business Owners
You will Learn:
- Explanation of Tax Shelter Penalties
- TIGTA Procedures
- What to do to Avoid These Penalties
Insurance agents and others sell 412i, 419, captive insurance and section 79 scams to unsuspecting business owners. The IRS considers many of these plans abusive tax shelters, listed transactions, reportable transactions, or what it calls "similar to," which allows them to target the plan. The unsuspecting business owners then get audited by the IRS, lose their deductions, and pay interest and penalties. Then comes the bad news. The IRS comes back and fines the business owners a large amount of money for not properly filing under IRC 6707A. They have even fined hundreds of business owners who have filed. The IRS says that they prepared the forms incorrectly or filed improperly, or lied to the IRS. Download this white paper to learn how to properly report tax transactions to the IRS and avoid penalties.
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