t,Beta 419,Millennium Plan,Bisys,Creative Services Group,Sterling Benefit Plan,Compass 419,Niche 419,CRESP,Sea Nine Veba, American Benefits Trust, National Benefit Plan and Trust, ABT, Professional Benefits Trust Benistar 419 Plan, nova trust, Grist mill trust, Sadi Trust IRS raids, Millennium 419 Plan,Bisys 419,Creative Services Group 419 Plan,Sterling Benefit 419 Plan,CRESP 419,Sea Nine Veba 419, National Benefit Plan and Trust 419, American Benefits Trust 419,ABT 419,Old Mutual, Allmerica Financial, American Heritage Life, Commercial Union Life, National Life of Vermont, Old Line Life, Security Mutual Life, West Coast Life "Grist Mill Trust" "Real Veba""Section 79 GEAR" GEAR" "United Financial Group" "Kenny Hartstein" "Millennium Plan" Kenny Hartstein" "Millennium Plan" "Tom Crosswhite" "Greg Roper""captive insurance" cresp "Ridge Plan" "Professional benefits Trust" "PBT " "Professional Planning Associates" "National Pension Associate" "NPA""Heritage Plan" ""Insurance fraud""pension and benefit plan fraud""insurance company fraud""ECI Pension Services""Pension Professionals of America""ABI""Hartford""AIG""Indy Life""Indianapolis Life""Advantage" Names of People who SOLD: "Kenny Hartstein""Dennis Cunning""Steve Toth""Michael Sonnenberg"Larry Bell""Scott Ridge""Randall Smith""Greg Roper""Tracy Sunderlage""Warren Trust""Joseph Donnelly""Norm Bevan""Judy Carsrud""Dan Carpenter""Ed Waesche" "Tom Crosswhite""David Struckman""George Huff" "Tom Crosswhite" "Greg Roper""Christopher Jarvis" David Mandell" Gen Von Oder Insurance Companies -- need to be 412 AND 419: Hartford 419, Pacific Life 419, PAC Life 419, AVIVA, 419, Indianpolis Life, Penn Mutual419,Bankers Life 419, John Hancock 419, Security Mutual 419, Transamerica 419,Prudential 419, Kansas City Life 419, Mass Mutual419, Guardian 419, Amerus 419, Wells Fargo 419, Fifth Third Bank 419, Arrow Head Trust 419, U.S. Benefits Group, Benefit Plan Advisors, Rex Insurance Service,Advantage,AIG, Old Mutual, Allmerica Financial, American Heritage Life, Commercial Union Life, National Life of Vermont, Old Line Life, Security Mutual Life, West Coast Life
6707A Penalties & 419 Plans Litigation 412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.Benistar,412i Lawsuits,419 lawsuits,412i Help,419 Help, IRS Audits,412i Problems,412i problems, Expert Witness Lance Wallach,412i Help,419 Help, Benistar Lawsuits, 412i lawsuits,419 lawsuits,6707a Penalties,6707a lawsuits,6707a problems
Published Articles on VEBA Plans by Lance Wallach: Monday, February 25, 2013
Pacific Life Insurance Co.
Gordon Lee
Re: Life Policy # VF51683620
Dear Sir/Madam,
I bought a One Million Dollard Life policy from your company in 2007 for Gordon H. Lee, Welfare Benefit Trust under 419 Plan. I particularly relied on the fact that your company had reviewed the plan and allowed your companies insurance into the plan. I have read a lot about other people being audited in this plan, and also about lawsuits against the plan and your company. I have also read some documents about your executives comments about this plan, and what they should have know with respect to the plan. I have discussed this with a lawyer who has been suing insurance companies in this respect. I do not especially want to sue, I just want to be made whole. If you are interested in discussing this I would like to do so.
I have also discussed my situation with two people who have been writing extensively about these plans in publications. I told them that I would hope that your excellent company would make good to me, on a plan that they approved putting their insurance into. I told them that they do not have my permission to use my name at this time. If you want to settle with me they will never have my permission.
I got audited in April of 2009 by IRS. Not only do I have to pay the tax on the income I excluded according to the 419 Plan for the Insurance Premium I paid to Pacific Life, I have to pay interest and penalty. Most devastatingly is the Sec. 6707A Penalty which was $200,000 for the Trust, and $100,000 for each individual each year. I now understand that the law is changed and the fine for not reporting will be a little less You and your agent never told me that I had to file the forms. I can prove that your company knew that there was a problem with the plan and the IRS.
I did as Kevin Lee, your Broker/Agent to research with Pacific Life about the legality and applicability about this 419 Plan. And according to Kevin Lee, Pacific LIfe gave a green light on every aspect of this application. I did not want life insurance, just a legitimate tax deduction. I now have life insurance that I did not want, and have lost my tax deduction. I also owe money to the IRS.
Because I partially relied on Pacific Life, therefore, it is would be fair for your company to cover my losses. If I sue I am sure that I will probably win. I have done extensive research into what is happening with respect to your company and these plans. I have also gotten a lot of information from the IRS.
t,Beta 419,Millennium Plan,Bisys,Creative Services Group,Sterling Benefit Plan,Compass 419,Niche 419,CRESP,Sea Nine Veba, American Benefits Trust, National Benefit Plan and Trust, ABT, Professional Benefits Trust Benistar 419 Plan, nova trust, Grist mill trust, Sadi Trust IRS raids, Millennium 419 Plan,Bisys 419,Creative Services Group 419 Plan,Sterling Benefit 419 Plan,CRESP 419,Sea Nine Veba 419, National Benefit Plan and Trust 419, American Benefits Trust 419,ABT 419,Old Mutual, Allmerica Financial, American Heritage Life, Commercial Union Life, National Life of Vermont, Old Line Life, Security Mutual Life, West Coast Life "Grist Mill Trust" "Real Veba""Section 79 GEAR" GEAR" "United Financial Group" "Kenny Hartstein" "Millennium Plan" Kenny Hartstein" "Millennium Plan" "Tom Crosswhite" "Greg Roper""captive insurance" cresp "Ridge Plan" "Professional benefits Trust" "PBT " "Professional Planning Associates" "National Pension Associate" "NPA""Heritage Plan" ""Insurance fraud""pension and benefit plan fraud""insurance company fraud""ECI Pension Services""Pension Professionals of America""ABI""Hartford""AIG""Indy Life""Indianapolis Life""Advantage" Names of People who SOLD: "Kenny Hartstein""Dennis Cunning""Steve Toth""Michael Sonnenberg"Larry Bell""Scott Ridge""Randall Smith""Greg Roper""Tracy Sunderlage""Warren Trust""Joseph Donnelly""Norm Bevan""Judy Carsrud""Dan Carpenter""Ed Waesche" "Tom Crosswhite""David Struckman""George Huff" "Tom Crosswhite" "Greg Roper""Christopher Jarvis" David Mandell" Gen Von Oder Insurance Companies -- need to be 412 AND 419: Hartford 419, Pacific Life 419, PAC Life 419, AVIVA, 419, Indianpolis Life, Penn Mutual419,Bankers Life 419, John Hancock 419, Security Mutual 419, Transamerica 419,Prudential 419, Kansas City Life 419, Mass Mutual419, Guardian 419, Amerus 419, Wells Fargo 419, Fifth Third Bank 419, Arrow Head Trust 419, U.S. Benefits Group, Benefit Plan Advisors, Rex Insurance Service,Advantage,AIG, Old Mutual, Allmerica Financial, American Heritage Life, Commercial Union Life, National Life of Vermont, Old Line Life, Security Mutual Life, West Coast Life
ReplyDelete6707A Penalties & 419 Plans Litigation
ReplyDelete412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.Benistar,412i Lawsuits,419 lawsuits,412i Help,419 Help, IRS Audits,412i Problems,412i problems, Expert Witness Lance Wallach,412i Help,419 Help, Benistar Lawsuits, 412i lawsuits,419 lawsuits,6707a Penalties,6707a lawsuits,6707a problems
Published Articles on VEBA Plans by Lance Wallach:
Monday, February 25, 2013
Pacific Life Insurance Co.
Gordon Lee
Re: Life Policy # VF51683620
Dear Sir/Madam,
I bought a One Million Dollard Life policy from your company in 2007 for Gordon H. Lee, Welfare Benefit Trust under 419 Plan. I particularly relied on the fact that your company had reviewed the plan and allowed your companies insurance into the plan. I have read a lot about other people being audited in this plan, and also about lawsuits against the plan and your company. I have also read some documents about your executives comments about this plan, and what they should have know with respect to the plan. I have discussed this with a lawyer who has been suing insurance companies in this respect. I do not especially want to sue, I just want to be made whole. If you are interested in discussing this I would like to do so.
I have also discussed my situation with two people who have been writing extensively about these plans in publications. I told them that I would hope that your excellent company would make good to me, on a plan that they approved putting their insurance into. I told them that they do not have my permission to use my name at this time. If you want to settle with me they will never have my permission.
I got audited in April of 2009 by IRS. Not only do I have to pay the tax on the income I excluded according to the 419 Plan for the Insurance Premium I paid to Pacific Life, I have to pay interest and penalty. Most devastatingly is the Sec. 6707A Penalty which was $200,000 for the Trust, and $100,000 for each individual each year. I now understand that the law is changed and the fine for not reporting will be a little less You and your agent never told me that I had to file the forms. I can prove that your company knew that there was a problem with the plan and the IRS.
I did as Kevin Lee, your Broker/Agent to research with Pacific Life about the legality and applicability about this 419 Plan. And according to Kevin Lee, Pacific LIfe gave a green light on every aspect of this application. I did not want life insurance, just a legitimate tax deduction. I now have life insurance that I did not want, and have lost my tax deduction. I also owe money to the IRS.
Because I partially relied on Pacific Life, therefore, it is would be fair for your company to cover my losses. If I sue I am sure that I will probably win. I have done extensive research into what is happening with respect to your company and these plans. I have also gotten a lot of information from the IRS.