Form 8886 and 419 Plans Litigation,
412i and 419e plans litigation, IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
.Reporting by U.S. Persons Holding Foreign FinanciContact InformationEmail :Lanwalla@aol.comPhone :516-983-5007Address :Lance Wallachwww.TaxAudit419.comwww.Vebaplan.orgIRS Form 8938FATCA requires any U.S. person holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayerÃ‚Â’s annual tax return. Reporting applies for assets held in taxable years beginning on or after January 1, 2011. Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent.