Document 1 Filed 10/09/13
That this Court,pursuant to L.R.C. 7402 and 7408, enter a permanent injunction prohibiting Defendants Kenneth Elliot (d/b/a KAE Insurance Services, Inc., Vista Barranca, Inc., and KAE Cinsulting). Sea Nine Associates,Inc., and Ramesh Sarva, and any other person in active concert or participation with them.
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ReplyDeleteRAMESH SARVA
Tuesday, January 7, 2014
SARVA
Defendants have also directly and indirectly promoted the VEBA plan scheme to prospective participants. Sarva for his part has been marketing Sea Nine's VEBA plans to customers across the United States for nearly 30 years- even before Elliot became involved- and continues to do this today.
Posted by Lance Wallach at 1:30 PM 3 comments:
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Labels: Kae Consulting, Kenneth Elliot, Ramesh Sarva, Sarva, Sea Nine Veba, Vista Barranca
Sarva- More You Should Know
Sarva has similarly made numerous false statements to his customers about the Sea Nine VEBA plans despite his notice that they are not compliant with Section 419A(f)(6). He touts his many years of work with Sea Nine VEBA plans to potential customers reassuring them that the plans are completely legal. He provides potential plan participants with materials (such as the legal opinions by Elliot and Sea Nine) indicating that after 2004 the Sea Nine plans were not in conformity with the relevant provisions of the Tax Code. And he has promoted the concept that participation in the Sea Nine VEBA plans permits underscoring the cash value nature of the universal or whole life policies that the plans purchase for their participants, even though (noted above) a VEBA plan that operates in this fashion evidences experience rating.
Posted by Lance Wallach at 11:05 AM No comments:
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Labels: Kae Consulting, Kenneth Elliot, Vista Barranca
SARVA_
Sarva also knows or has reason to know that Sea Nine VEBA plans he urges his customers to adopt are not compliant with the tax laws. As an accountant, Sarva is professionally obligated to keep abreast of development in the law relevant to the services and investments he advises his customers to participate in. Yet Sarva has reportedly provided his customers with evidence of IRS "approvals" of the Sea Nine plan that facially say nothing about whether its plan complies with
Form 8886 & 419 Litigation Plans
ReplyDelete412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
Monday, January 21, 2013
IRS to Audit Sea Nine VEBA Participating Employers
December 20, 2012 By Lance Wallach, CLU, CHFC
IRS audit of Sea Nine participating employers
By Lance Wallach
IRS audit of Sea Nine participating employers
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months. To better assist current Sea Nine clients and those that are now or may be under audit in the future, my associates who are CPAs, tax attys and former IRS employees will continue to help with the Sea Nine VEBA victims and others in 419 412i captive insurance and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA,419 captive insurance and section 79 scams?
• What will be the likely result of my audit?• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
Williams Coulson :: IRS to Audit Sea Nine VEBA Participating ...
ReplyDeletewww.williamscoulson.com/.../irs-to-audit-sea-nine-veba-participating-em...
In recent months, Williams Coulson tax attorneys have represented participants in the Sea Nine VEBA and have learned that the IRS may be auditing many ...
IRS to Audit Sea Nine VEBA Participating Employers - HGExperts.com
www.hgexperts.com/article.asp?id=29454
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating ...
Abusive Tax Shelters & 419 Plans Lawsuits
ReplyDelete412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
Sunday, July 1, 2012
IRS to Audit Sea Nine VEBA Participating Employers
Lance Wallach
In recent months, I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months. To better assist current Sea Nine clients and those that are now or may be under audit in the future, my associates who are CPAs, tax attys and former IRS employees will continue to help with the Sea Nine VEBA victims and others in 419, 412i captive insurance and section 79 scams and answer the following:
• What is the IRS’s position with respect to the Sea Nine VEBA, 419 captive insurance and section 79 scams?
• What will be the likely result of my audit?
• What if I don't agree with my audit results?
• What are other participants doing with respect to the audits?
• Will the IRS impose interest and penalties?
• What is a “listed transaction”?
SEA NINE VEBA: US Says Benefit Plan Scheme Costs Millions In Taxe...
ReplyDeleteSEA NINE VEBA: US Says Benefit Plan Scheme Costs Millions In Taxe...: Law360 has implemented a new privacy policy US Says Benefit Plan Scheme Costs Millions In Taxes Law360, New York (October ...
Help with Common IRS Problems
Failing to File Form 8886 for VEBAs like Sea Nine VEBA create multiple penalties.
ReplyDeleteTaxpayers who participate in 419A(f)(6) multiple employer plans like the Sea Nine VEBA are often very discouraged to find the IRS applying multiple penalties for the failure to file a form that they had no reason to know was required. The form, IRS Form 8886 is required for all taxpayers who participate in a listed transaction such as a multiple employer welfare benefit plan (or 419 plan). The following example illustrates the penalties that can apply.
Assume we have an S corporation taxpayer who deducted $100,000 to a multiple employer 419 VEBA for years 2008, 2009 and 2010. The IRS audits the taxpayer and disallows the $100,000 deduction. In most cases, the IRS will provide for the adjustment at the individual 1040 level and other than some interest, the taxpayer will be in a position similar to if the transaction had not occurred. If, however, the taxpayer was not told to file Form 8886 for every year of participation and in fact did not file, the IRS asserts the following additional penalties:
A $10,000 penalty at the S Corporation level for years 2008 – 2010 for the failure to file Form 8886. Total Penalty = $30,000. See Code Section 6707A.
A penalty at the individual level of 75% of the tax benefit for years 2008-2010 for the failure to file Form 8886. This translates into a penalty of $26,250 for each year. Total Penalty = $78,750. See Code Section 6707A.
An accuracy related penalty of 30% of the income tax adjustment for years 2008-2010. The worst part of this penalty is that if the taxpayer exercised due diligence and relied on an outside advisor, this penalty would normally be 20% of the tax and could be waived. However, because the Form 8886 was not filed, the penalty is 30% and cannot be waived. Total Penalty = $31,500. See Code Section 6662A.
Grand Total of all Penalties = $140,250 (nearly 50% of the total investment)!
Taxpayers facing these penalties should seek representation with respect to defending their case before the IRS and considering responsibility for the penalty by other parties. Williams Coulson and Michael Lloyd have represented more than 400 taxpayers in audits before the IRS for participation in single and multiple employer 419 plans such as the Sea Nine VEBA, CJA Titanium and Prepare Plans, Cronin 419 and 79 Plans, Professional Benefit Trust ("PBT") and Niche Plans.