Tuesday, January 7, 2014 HARM TO THE GOVERNMENT AND THE PUBLIC Elliot has admitted in prior sworn testimony that there are at least 200 employer/companies that have participated in a Sea Nine VEBA plan, and the IRS is aware of 205 such entities. Elliot and Sarva continue today to promote Sea Nine VEBA plans, and Sea Nine appears to have obtained additional plan participants in 2012. And third parties with whom he has previously worked continue to recommend Sea Nine VEBA plans to certain of their customers.
IRS to Audit Sea Nine VEBA Participating Employers munibondlifeinsurance.blogspot.com 1
Robert Sherman10:12 AM
The VEBA is a mutual association of employees providing certain specified benefits to its members or their designated beneficiaries. It may be funded by the employees or their employer. The VEBA has existed in the tax law since the Revenue Act of 1928 when it was given exempt status under section 101(16) of the Act. Exemption for this entity was re-enacted by the Revenue Acts of 1932, 1934, 1936, and 1938. The VEBA was incorporated into the 1939 Code as IRC 101(16) and subsequently into the 1954 Code (the present Code), as amended to date, as IRC 501(c)(9). IRC 501(c)(9) exempts from federal income tax the voluntary employees' beneficiary association (VEBA) providing for the payment of life, sick, accident or other benefits to its members (or their dependents or designated beneficiaries) if no part of the net earnings inures (other than through such payments) to the benefit of any private shareholder or individual. Any group of employees sharing an employment-related common bond may establish a VEBA. Also, an employer may, subject to certain fiduciary requirements, establish a VEBA on behalf of the employees. Funds in the possession of the VEBA are held in trust for the payment of benefits. Typical benefits are life, sick, accident, and medical benefits. Funds in the possession of the VEBA are not taxable, nor is interest earned on those funds usually taxable, however, the benefits provided to the employees may, or may not, be taxable depending upon the type of benefit. Although an employer making contributions to the VEBA would ordinarily receive a deduction under IRC 162 for amounts contributed, the employer would also receive a deduction if the benefits were paid directly to the employee by the employer as part of the fringe benefit package. The VEBA thus assures only a fund from which benefits may be paid directly, or out of which insurance premiums may be paid (in the case of benefits provided through insurance). There are, generally, no limitations on either the size of the entity or the amount of benefits that may be provided, only upon the type of benefits and the persons to whom benefits may be provided. This is also the situation with regard to other mutual associations, such as some fraternities, and social clubs.
Help Home Did Benistar Harm You? Benistar Leader in Jail! IRS Medics Expert Witness About Lance Our Services Contact Us Expert Witness Services Expert Witness Services Our experts have been helping people deal with the large IRS fines and penalties being levied on people in these plans for years. Our team of financial experts, ex-IRS agents, accountants and attorneys will obtain the best resolution of these tax problems that you could ever hope to achieve. 1234 Have you invested in a 419 plan? If so, get to know the real truth behind your investment and what you can do to defend yourself. Since 2004, the IRS has amended the tax laws regarding these plans and thus has placed aggressive penalties and fines and aggressively auditing people who don’t know the truth. Consult with us today and let us help guide you through this serious situation and lower your financial risk..
Help Home Did Benistar Harm You? Benistar Leader in Jail! IRS Medics Expert Witness About Lance Our Services Contact Us Expert Witness Services Expert Witness Services Our experts have been helping people deal with the large IRS fines and penalties being levied on people in these plans for years. Our team of financial experts, ex-IRS agents, accountants and attorneys will obtain the best resolution of these tax problems that you could ever hope to achieve. 1234 Have you invested in a 419 plan? If so, get to know the real truth behind your investment and what you can do to defend yourself. Since 2004, the IRS has amended the tax laws regarding these plans and thus has placed aggressive penalties and fines and aggressively auditing people who don’t know the truth. Consult with us today and let us help guide you through this serious situation and lower your financial risk..
Kenneth Elliot KAE Insurance Co
ReplyDelete419 Plan, 412i plan, Captive Insurance Plan, Section 79 Plan, Benistar
Tuesday, January 7, 2014
HARM TO THE GOVERNMENT AND THE PUBLIC
Elliot has admitted in prior sworn testimony that there are at least 200 employer/companies that have participated in a Sea Nine VEBA plan, and the IRS is aware of 205 such entities. Elliot and Sarva continue today to promote Sea Nine VEBA plans, and Sea Nine appears to have obtained additional plan participants in 2012. And third parties with whom he has previously worked continue to recommend Sea Nine VEBA plans to certain of their customers.
IRS to Audit Sea Nine VEBA Participating Employers
munibondlifeinsurance.blogspot.com
1
Robert Sherman10:12 AM
The VEBA is a mutual association of employees providing certain specified
benefits to its members or their designated beneficiaries. It may be funded by the
employees or their employer. The VEBA has existed in the tax law since the
Revenue Act of 1928 when it was given exempt status under section 101(16) of the
Act. Exemption for this entity was re-enacted by the Revenue Acts of 1932, 1934,
1936, and 1938. The VEBA was incorporated into the 1939 Code as IRC 101(16)
and subsequently into the 1954 Code (the present Code), as amended to date, as
IRC 501(c)(9).
IRC 501(c)(9) exempts from federal income tax the voluntary employees'
beneficiary association (VEBA) providing for the payment of life, sick, accident or
other benefits to its members (or their dependents or designated beneficiaries) if no
part of the net earnings inures (other than through such payments) to the benefit of
any private shareholder or individual.
Any group of employees sharing an employment-related common bond may
establish a VEBA. Also, an employer may, subject to certain fiduciary
requirements, establish a VEBA on behalf of the employees. Funds in the
possession of the VEBA are held in trust for the payment of benefits. Typical
benefits are life, sick, accident, and medical benefits. Funds in the possession of
the VEBA are not taxable, nor is interest earned on those funds usually taxable,
however, the benefits provided to the employees may, or may not, be taxable
depending upon the type of benefit. Although an employer making contributions to
the VEBA would ordinarily receive a deduction under IRC 162 for amounts
contributed, the employer would also receive a deduction if the benefits were paid
directly to the employee by the employer as part of the fringe benefit package. The
VEBA thus assures only a fund from which benefits may be paid directly, or out of
which insurance premiums may be paid (in the case of benefits provided through
insurance). There are, generally, no limitations on either the size of the entity or the
amount of benefits that may be provided, only upon the type of benefits and the
persons to whom benefits may be provided. This is also the situation with regard to
other mutual associations, such as some fraternities, and social clubs.
Help
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Did Benistar Harm You?
Benistar Leader in Jail!
IRS Medics
Expert Witness
About Lance
Our Services
Contact Us
Expert Witness Services
Expert Witness Services
Our experts have been helping people deal with the large IRS fines and penalties being levied on people in these plans for years. Our team of financial experts, ex-IRS agents, accountants and attorneys will obtain the best resolution of these tax problems that you could ever hope to achieve. 1234
Have you invested in a 419 plan?
If so, get to know the real truth behind your investment and what you can do to defend yourself. Since 2004, the IRS has amended the tax laws regarding these plans and thus has placed aggressive penalties and fines and aggressively auditing people who don’t know the truth. Consult with us today and let us help guide you through this serious situation and lower your financial risk..
Our Services
Help
ReplyDeleteHome
Did Benistar Harm You?
Benistar Leader in Jail!
IRS Medics
Expert Witness
About Lance
Our Services
Contact Us
Expert Witness Services
Expert Witness Services
Our experts have been helping people deal with the large IRS fines and penalties being levied on people in these plans for years. Our team of financial experts, ex-IRS agents, accountants and attorneys will obtain the best resolution of these tax problems that you could ever hope to achieve. 1234
Have you invested in a 419 plan?
If so, get to know the real truth behind your investment and what you can do to defend yourself. Since 2004, the IRS has amended the tax laws regarding these plans and thus has placed aggressive penalties and fines and aggressively auditing people who don’t know the truth. Consult with us today and let us help guide you through this serious situation and lower your financial risk..
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