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Always great info from you both!! What's the fine line on roof claims / future insurability? Most in central MS have some degree of hail damage. Is it better to file a claim and have a fresh new young roof, or don't file a claim and be denied or face having a less appealing roof coverage due to having an older roof?

And this is why Gates drinks martinis! 😂

That’s my dad on the left

THIS IS SOMETHING OF A HACK ABOUT FSA's THAT IS NOT COMMONLY KNOWN. I'm retired now. But having/contributing to an FSA was a major factor in deciding when I would retire. (i.e. "Your Funds are Immediately Available the Day You Enroll") An HSA wasn't an option until just a few years before I retired (still don't know if a HRA is). Also since my wife had high yearly medical bills, the cost of a HIGH-DEDUCTIBLE medical plan (HDHP) wasn't a cost effective option since the contents of the HSA account would be needed to pay high current ongoing medical expenses and then some. So used a very low deductible PPO plan and a FSA. I planned to retired in March 2019. I had late the prior year, 2018, signed up for regular payroll deductions to be spread out through 2019 for the maximum benefit (I think it was $2600). Got paid every 2 weeks so about $100 per pay period. So by the end of March I think had deductions of $600 -$700. BUT I used/got reimbursement for the ENTIRE $2600 on extensive and various Health Care costs before retiring!!! Even when I had a few hundred dollars still remaining by mid-March I surfed on Amazon and bought various FSA-deductible items, submitted claims and got reimbursement. FSA's are "Cafeteria Plans" and according to the rules if you terminate employment (retire, change employer) the plan ENDS with your termination. And there is NO further legal/financial obligation/right from either the employee or the employer!!! For $600-700 of before tax money I got, in additon, $1900-2000 COMPLETELY FREE MONEY to spend on medical costs. (Under IRS guidelines cafeteria plans are exempt from the calculation of gross income for federal income tax purposes)

Syndicated conservation easement transactions, and captive insurance, get audited by the IRS Service announced today a significant increase in enforcement actions for syndicated conservation easement transactions, a priority compliance area. According to the announcement, coordinated audits are being conducted throughout various examination divisions of the IRS. At the same time, the IRS Criminal Investigation division has criminal investigations underway in this area. Recently, the IRS has confirmed that 80% of taxpayers under audit for their micro-captive insurance have settled with the IRS. This has only fueled the position of the IRS, and it has now announced that 12 new IRS audit teams have been established. If you are in a captive or have use a conservation easement you must act quickly. Lance Wallach has helped hundreds of people in these plans fight the IRS and get their money back from the promoter that sold these scams. 516-236-8440. Google Lance Wallach and your advisor, Who do YOU trust. wallachinc@gmail.com

Conservation easements and Captive insurance, Here comes the IRS With the increased reporting requirements, IRS audits of conservation easement transactions have greatly increased. Instead of working collaboratively with taxpayers to seek a reasonable resolution, Revenue Agents are being directed to disallow deductions no matter what. With a high percentage of cases headed to litigation, taxpayers need to take every step to protect themselves now. Contact the office of Lance Wallach 516-236-8440 Wallachinc@gmail.com

On December 23rd 2016, the IRS published Notice 2017-10, which identified a specific type of conservation easement, a ‘syndicated’ easement transaction, as a ‘listed transaction.’ This type of conservation easement allows investors to obtain charitable contribution deductions that significantly exceed the value of their original investment in the entity that donates the easement, typically a partnership. Since the publication of Notice 2017-10, the IRS has audited numerous syndicated conservation easements, with dozens of these cases being docketed in the Tax Court. Micro-captive insurance audits: armed with significant Tax Court wins and the settlement of 80% of micro-captive taxpayer cases under audit, the IRS now has declared that it intends to collect a significant amount of revenue lost because of abusive micro-captive insurance transactions. Nevertheless, advisors continue to actively promote micro-captives, which makes it crucial that taxpayers seek guidance on the characteristics of bona fide insurance for income tax purposes. Anyone with questions regarding micro-captive insurance transactions and the increased enforcement actions by the IRS with respect to them should contact Lance Wallach. Wallachinc@gmail.com. Google Lance Wallach and your advisor, WHO do you trust. 516-236-8440

During the early 2010s, the IRS started investigating captives for abusive transactions. In 2016, the IRS published Notice 2016-66 in which the agency advised that micro-captive insurance transactions have the potential for tax avoidance or evasion. The IRS filed suit against companies paying premiums to captives and won three major lawsuits starting in 2017. Since micro-captive insurance companies were placed on the IRS’ “Dirty Dozen” list of tax scams in 2014 and identified as a transaction of interest in 2016, the IRS has continued to expand its enforcement efforts of what it views as abusive micro-captive insurance arrangements. Lance Wallach receives hundreds of phone calls to fight the IRS and help the consumer get all his money back from the promoter of the captive scam. As an expert witness Lance Wallach has never lost a case. 516-236-8440. |Google him and your advisor, who do YOU trust? Wallachinc@gmail.com

The IRS previously identified abusive micro-captive insurance structures as involving certain small or “micro” captive insurance companies as possible tax avoidance vehicles in their “Dirty Dozen” list of tax scams. IRS is auditing captives. For help fighting the IRS or getting your money back from the captive promoter, Lance Wallach has never lost a case. 516-236-8440 wallachinc@gmail.com

Since micro-captive insurance companies were placed on the IRS “Dirty Dozen” list of tax scams in 2014 and identified as a transaction of interest in 2016, the IRS has continued to expand its enforcement efforts of what it views as abusive micro-captive insurance arrangements. The IRS has been gathering information on taxpayers and instituted a new virtual currency compliance program in 2019. Here is an excerpt from one of their notices: “We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.” New IRS Notice 6174-A The IRS clearly sees noncompliance on virtual currency transactions as a threat to the tax system. As if the onslaught of recent losses in Tax Court was not enough, investors in syndicated conservation easements now have more to worry about. On August 25, 2020, the Senate Finance Committee released a bipartisan report condemning syndicated conservation easements as abusive and encouraging the IRS to take further action to ferret out such abuses. Lance Wallach has received hundreds of calls, 516-236-8440 to fight IRS and sue the promotors of conservation easement, captive, and cryptocurrency plans. Google him and your advisor, who do YOU trust? wallachinc@gmail.com

The IRS previously identified abusive micro-captive insurance structures as involving certain small or micro captive insurance companies as possible tax avoidance vehicles in their “Dirty Dozen” list of tax scams. IRS is auditing captives. For help fighting the IRS or getting your money back from the captive promoter Lance Wallach has never lost a case. 516-236-8440 wallachinc@gmail.com

The Internal Revenue Service says it’s forming 12 audit teams to go after what it sees as “several thousands” abusive Micro-captive insurance arrangements. The new examination teams will be made up of employees from the IRS Large Business and International and Small Business/Self-employed divisions, IRS officials announced Friday. “These teams will use all available enforcement tools, including summonses, to obtain necessary information,” the IRS said in the announcement. ”Potential civil outcomes can include full disallowance of claimed captive insurance deductions, inclusion of income by the captive entity and imposition of all applicable penalties.” The IRS has been expressing concerns about micro captives for years, and it put the arrangements on its “Dirty Dozen” problem tax arrangements list for 2014. Lance Wallach has received hundreds of phone calls to help people in captive insurance fight the IRS and get their money back from the promoters of these scams. 516-236-8440 wallachinc@gmail.com

The Internal Revenue Service says it’s forming 12 audit teams to go after what it sees as “several thousands” abusive micro-captive insurance arrangements. The new examination teams will be made up of employees from the IRS Large Business and International and Small Business/Self-employed divisions, IRS officials announced Friday. “These teams will use all available enforcement tools, including summonses, to obtain necessary information,” the IRS said in the announcement. ”Potential civil outcomes can include full disallowance of claimed Captive insurance deductions, inclusion of income by the captive entity and imposition of all applicable penalties.” The IRS has been expressing concerns about micro captives for years, and it put the arrangements on its “Dirty Dozen” problem tax arrangements list for 2014. Lance Wallach has received hundreds of phone calls to help people in captive insurance fight the IRS and get their money back from the promoters of these scams. 516-236-8440 wallachinc@gmail.com

The Internal Revenue Service is offering less generous settlement terms to participants in Micro-captive insurance schemes as part of its clampdown on the transactions. The IRS has long worried that micro-captive insurance transactions could be used for tax avoidance. Accordingly, several years ago, the IRS issued Notice 2016-66, identifying certain transactions with micro-captives as "transactions of interest," and requiring taxpayers participating in such micro-captive insurance transactions on or after November 2, 2006, (and their material advisors) to disclose the transactions as described in Treas. Reg. Section 1.6011-4 (see Tax Alert 2016-1885). More recently, the IRS has won three Tax Court cases challenging micro-captive transactions (See Avrahami v. Commissioner, 149 TC 144 (2017), Syzygy Insurance Co., Inc. v. Commissioner, TC Memo. 2019-246, and Reserve Mechanical Corp. v. Commissioner, TC Memo. 2018-211). In 2019, the IRS offered settlements to certain taxpayers involved in these transactions. Google Lance Wallach and your advisor. Who do you think knows more? vebaplan@gmail.com for help before the IRS takes everything from YOU. Lance Wallach 516-236-8440

The IRS said Thursday it will be sending settlement offers with terms that are stricter than ones it offered last year under an earlier Micro-captive initiative. The IRS has been focusing on cracking down on certain types of tax avoidance schemes, such as syndicated conservation easements and micro-captive insurance, while also stepping up tax enforcement efforts against holders of digital currencies such as Bitcoin and Ethereum, despite a decreasing number of IRS audits overall in recent years. The crackdown isn’t entirely new. In 2016, the Treasury Department and the IRS issued Notice 2016-66, which identified certain micro-captive transactions as having the potential for tax avoidance and evasion.

Examinations impacting micro-captive insurance transactions of several thousand taxpayers will be opened by these teams in the coming months. Potential civil outcomes can include full disallowance of claimed captive insurance deductions, inclusion of income by the captive entity and imposition of all applicable penalties. The IRS reminds taxpayers and advisors that disclosure of participation in micro-captive insurance transactions is required with the IRS Office of Tax Shelter Analysis under Notice 2016-66. Failure to properly disclose can result in significant civil penalties. Taxpayers involved in these abusive transactions should immediately consult with independent, competent tax advisors on the proper treatment for past and future tax years to consider best available options. Google Lance Wallach and whoever advises you, Who do you Believe?

Speak like your teaching, not like your reading.