Forensic, General & Medical
Expert Witnesses

Can You Recover Money from 419 and 412i Plans?


     By Lance Wallach, CLU, CHFC Abusive Tax Shelter, Listed Transaction, Reportable Transaction Expert Witness

PhoneCall Lance Wallach at (516) 938-5007


Welfare Benefit Plan Fraud: What Remedies Are Available? If you’ve been the victim of a 419 Welfare Benefit Plan scheme and now find yourself owing the Internal Revenue Service (IRS) taxes on something you were told was going to be tax deductible, it’s important to know what remedies might be available to you.
Remedies for abusive tax shelter schemes
Lance Wallach says that there are remedies for those who have been injured by an insurance company’s abusive tax shelter schemes. He predicts that we’ll see a huge spike in the number of people getting audited by the IRS.

Mediating 412(i) & 419 Claims: Can You Really Win?
You can win. However, to do so successfully, a mediator should have the proper background and team– a powerful combination that is sometimes hard to come by.
Having worked in almost every part of the life insurance industry for many years, Lance Wallach Is the Expert on tax shelter schemes involving Internal Revenue Code Sections 412(i) Pension Plans and Internal Revenue Code Section 419 Welfare Benefit Plans.
Unwinding abusive insurance transactions
There are not many firms who do what he does.
412(i) and 419 plans are generated by the insurance industry. So you’ve got to have knowledge about life insurance and the insurance industry first and foremost to understand the appeal of these transactions.
Consequently, that’s why Lance Wallach gets contacted from people all over the country that are at one stage or another in these plans who are trying to get out, get their tax issues taken care of and get their money paid back. He is an expert witness on different ongoing cases –and has never lost a case.
Working in conjunction with attorneys
Our firm will review your case and make an assessment on it for free. When clients hire him they get all the experts at one firm that know the landscape of both 412(1) and 419 plans, and all work together on the case without any conflict of interest.
Recognizing time bombs
There are a small number of promoters of these tax shelter plans across the country and of that small number, only a handful offer bona fide plans. The others are just time bombs waiting to happen for the taxpayer who’s involved in the plan. We can look at those situations very quickly – and in some cases we already know the details of the plan just by hearing the name of the plan – and can advise the client as to the legitimacy of the plan.”

ABOUT THE AUTHOR: Lance Wallach
Lance 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, abusive tax shelters, financial, international tax, and estate planning.

Copyright Lance Wallach, CLU, CHFC

More information about Lance Wallach, CLU, CHFC


While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.

Find an Expert Witness