Showing posts with label Veba. Show all posts
Showing posts with label Veba. Show all posts

KENNETH ELLIOT: Defendant Kenneth Elliot

KENNETH ELLIOT: Defendant Kenneth Elliot: Defendant Kenneth Elliot personally and through both his employment with co-defendant Sea Nine Associates, Inc., a number of related entitie...






Tuesday, January 7, 2014


Sea Nine VEBA Important

As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For those taxpayers alone , the IRS assessed a total of $4,852,106in additional taxes, or an average additional tax of $404,342 per audit. Because Sarva has acknowledged directing atleast  40 of his customers to Sea Nine , the total amount of harm to the Treasury he has caused through promotion of improper VEBA plans is likely almost four times higher.
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2 comments:

  1. he IRS and U.S. Department Justice Department have a special relationship with welfare benefit plan promoters and the brokers and insurance agents that sell them. They hate them. For over a decade, the IRS has declared that many welfare benefit plans are fraudulent and abusive tax shelters. Many of the promoters are now out of business or under criminal investigation (or both). Last month’s announcement by DOJ of new enforcement actions within the “industry” therefore comes as no surprise. The customers who bought these plans, however, might be in for a rude awakening. Huge taxes and maybe even criminal prosecution.Sea Nine VEBA Important
    As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For those taxpayers alone , the IRS assessed a total of $4,852,106in additional taxes, or an average additional tax of $404,342 per audit. Because Sarva has acknowledged directing atleast 40 of his customers to Sea Nine , the total amount of harm to the Treasury he has caused through prom
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Veba Health Care: IRS to Audit Sea Nine VEBA Participating Employers...

Veba Health Care: IRS to Audit Sea Nine VEBA Participating Employers...: The IRS may be auditing many more participating employers in the coming months. In recent months, I have received phone calls from partici...
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Lance Wallach Articles: Reduce Empl Benefits Liability with a VEBA

Lance Wallach Articles: Reduce Empl Benefits Liability with a VEBA
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Help with Common IRS Problems: Abusive Tax Shelters & 419 Plans Lawsuits: IRS to ...

Help with Common IRS Problems: Abusive Tax Shelters & 419 Plans Lawsuits: IRS to ...: Abusive Tax Shelters & 419 Plans Lawsuits: IRS to Audit Sea Nine VEBA Participating Employers... : Lance Wallach In recent months, I...



  1. Finance Experts .org - Bravenet

    pub33.bravenet.com/forum/static/show.php?usernum...148...‎

    Jan 20, 2014 - 14 posts - ‎7 authors
    ... Sean Kath, Gaurang Parikh, Ramesh Sarva, Ramesh Sarva, CPA, PC and Sea ...Cases Lawsuit Details RFC Case Number: 3:2013cv04491

  2. RAMESH SARVA

    rameshsarvaveba.blogspot.com/‎

    Jan 7, 2014 - Aug 24, 2010 - The lawsuit alleges Vishwas Godbole, 64, told investors in 2008 that the... Ramesh Sarva, a New York accountant who ...
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Abusive Tax Shelters & 419 Plans Lawsuits: IRS to Audit Sea Nine VEBA Participating Employers...

Abusive Tax Shelters & 419 Plans Lawsuits: 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...

RAMESH SARVA
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RAMESH SARVA: SARVA_

RAMESH SARVA: 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 a...






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.
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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.
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RAMESH SARVA: SARVA

RAMESH SARVA: SARVA: Defendants have also directly and indirectly promoted the VEBA plan scheme to prospective participants. Sarva for his part has been marketin...






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”?
•     What is Form 8886, and what are the penalties for failing to file Form 8886?
•     Will I be responsible even if I relied on my tax advisor?
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KENNETH ELLIOT: Sea Nine VEBA Important

KENNETH ELLIOT: Sea Nine VEBA Important: As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For...






Tuesday, January 7, 2014


Sea Nine VEBA Important

As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For those taxpayers alone , the IRS assessed a total of $4,852,106in additional taxes, or an average additional tax of $404,342 per audit. Because Sarva has acknowledged directing atleast  40 of his customers to Sea Nine , the total amount of harm to the Treasury he has caused through promotion of improper VEBA plans is likely almost four times higher.
Posted by at  

Labels: , , , , , 

2 comments:

  1. he IRS and U.S. Department Justice Department have a special relationship with welfare benefit plan promoters and the brokers and insurance agents that sell them. They hate them. For over a decade, the IRS has declared that many welfare benefit plans are fraudulent and abusive tax shelters. Many of the promoters are now out of business or under criminal investigation (or both). Last month’s announcement by DOJ of new enforcement actions within the “industry” therefore comes as no surprise. The customers who bought these plans, however, might be in for a rude awakening. Huge taxes and maybe even criminal prosecution.Sea Nine VEBA Important
    As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For those taxpayers alone , the IRS assessed a total of $4,852,106in additional taxes, or an average additional tax of $404,342 per audit. Because Sarva has acknowledged directing atleast 40 of his customers to Sea Nine , the total amount of harm to the Treasury he has caused through prom
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KENNETH ELLIOT: Sea Nine VEBA Important

KENNETH ELLIOT: Sea Nine VEBA Important: As of August 23,2013, the IRS has closed audits of 12 Sea Nine VEBA plan-participating taxpayers who were referred to Sea Nine by Sarva. For...






Friday, March 30, 2012


Court CaseSea Nine Veba

 As an expert witness in this case the claims against Lance Wallach’s client was dismissed.
Lance Wallach’s side has never lost a case.


J&M ASSOCIATES, INC. v. CALLAHAN
J&M ASSOCIATES, INC., Plaintiff, v. MARK C. CALL
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