Abusive Insurance and Retirement Plans

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FEATURETAX / EMPLOYEE BENEFITS
Abusive Insurance and Retirement Plans
Single–employer section 419 welfare benefit plans are the latest incarnation in insurance deductions the IRS deems abusive
BY LANCE WALLACH
September 1, 2008


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TOPICS
Personal Financial Planning
Retirement Planning
Tax
Employee Benefits

EXECUTIVE SUMMARY

Some of the listed transactions CPA tax practitioners are most likely to encounter are employee benefit insurance plans that the IRS has deemed abusive. Many of these plans have been sold by promoters in conjunction with life insurance companies.

As long ago as 1984, with the addition of IRC §§ 419 and 419A, Congress and the IRS