Common Mistakes Attorneys Make with Tax Shelters, Life Insurance,Tax Audits and Lawsuits

This course will benefit attorneys who assist clients with subjects they're not entirely knowledgeable about, which can potentially result in dissatisfied clients, lawsuits and/or IRS fines. Recently, the IRS issued confusing and little noticed regulations impacting advisors, including attorneys. If an attorney assists a client who is involved in what the IRS calls an abusive tax shelter, listed transaction or similar to, and gets paid, the attorney could be subject to IRS reporting requirements. Additionally, the attorney could be deemed a material advisor, which could result in large fines and penalties. This presentation will also discuss risks that life insurance licensed attorneys face.

 

Learning Objectives:

 

• Discuss common abusive tax shelters

• Discuss how an attorney could be deemed a material advisor and therefore be subject to IRS reporting requirements

• Explain captive insurance, conservation easements, Employee Retention Credits (ERC) and Foreign Bank Account Report (FBAR)

• Explore life insurance pitfalls

This live webinar is eligible for both CLE and CPE credit.
 
NOTE: CPE/CLE credit for attendees are subject to participation and approval by the governing boards.
NASBA CPE ACCREDITATION INFORMATION
Learning Level: Beginner
Prerequisites: None
Field of Study: Specialized Knowledge
Delivery Method: Group Internet Based
 
 
West Professional Development is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Lance Wallach, National Society of Accountants Speaker of The Year, is a frequent and popular speaker on Captive Insurance, Conservation Easements, ERC's retirement plans, life insurance, reducing insurance costs and tax-oriented strategies. He has authored numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, as well as the AICPA best-selling book, Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, and CPAs Guide to Life Insurance. His book, Wealth Preservation Planning was published by the National Society of Accountants.
 
Mr. Wallach speaks at over 20 conventions annually and writes for over 50 publications Including Auto Care Forum, AICPA Planner, Accounting Today, CPA
 
Journal, National Public Accountant, Enrolled Agents Journal, Financial Planning, Tax Practitioner Journal, Employee Benefit News, Health Underwriter, Adviser and the American Medical Association News. He has been featured on television and radio talk shows such as National Public Radio. His prior Lawline presentations have been favorably received.
As an expert witness Lance's side has never lost a case.