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Lance Wallach
Managing Director

    Lance Wallach is the NATP member of the month for March 2008.

    He is a member of the AICPA faculty of teachingprofessionals and an AICPA course developer.  
    He speaks at more than 70 nationalconventions a year on topics including retirement plans,
    financial and estateplanning, reducing health insurance costs, and tax-oriented strategies. He
    writes fornumerous publications, and has authored many books for the AICPA and Bisk.        

    In addition, Lance has been named NSA “Speaker of the Year”.  
    Congratulations, Lance, on being chosen NATP’s March Member of the Month!

    Q. How many years have you been in the industry?

    A.  I have been writing and speaking about tax, insurance, financial planning and
    related matters for about 35 years. Because my associates are leading authorities in
    these fields, I have had great access to cutting edge information that others have
    wanted. My friends in the industry have also assisted in giving me useful information.
    Friends like Sid Kess, Esq., CPA, who has lectured to more than 715,000 practitioners
    on tax, and Ira Kaplan, Esq., CPA, have taught me how to present to audiences.
    Editors at the AICPA, Bisk, etc. have taught me what readers really want to know. I
    have just finished two books for Bisk, and two courses for the AICPA. By speaking at
    national conventions such as those of the American Association of Attorney Certified
    Public Accountants, the American Society of Pension Actuaries, the National
    Association of Tax Professionals, and the National Society of Accountants, I have had
    the opportunity to discuss important issues with IRS officials who were also speaking
    at these programs.

    Q. What brought you to NATP and what keeps you as a member?

    A.  Many years ago the National Association of Tax Professionals asked me to speak at
    their national convention. I found out about how wonderful the organization was, and
    have been a member since. In fact, many of the conventions that I now speak at are a
    result of someone seeing me speak at the NATP and recommending me. I have also
    been privileged to write for the NATP publications. As a result, I have received
    hundreds of phone calls from members, some of whom have become my friends. I
    have also enjoyed mentoring members of the organization.

    Q. What are the biggest challenges facing tax professionals today?

    A.  I think the biggest challenge facing tax professionals is the IRS trying to make
    them policemen. Most tax professionals do not realize that they can now be subject to
    large fines for nondisclosure of certain activities of their clients. I have authored a
    few books for the AICPA on these issues. In fact, allowing an item on a client’s tax
    return that turns out to be a listed transaction can be disastrous. This can happen
    even if the item became listed after the fact, and even if the tax professional never
    knew that it was listed or abusive. I have spoken at hundreds of conventions about
    abusive products that clients are buying. Most professions think that these products
    are legitimate, or think that they are retirement plans, etc. Without further education,
    the Tax Pro can lose his or her career, not to mention being sued.

    Q. What are your goals for the future personally and for your career?

    A.  Most of my extra time is now spent helping tax professionals get their clients out
    of abusive or just bad financial products. I think that will involve more of my future

    Q. Did you ever have a "defining moment," an embarrassing moment, or another
    memorable experience related to your career as a tax preparer?
    One of my most memorable experiences was being named the National Society of
    Accountants “Speaker of the Year”.

    Lance always welcomes hearing from NATP members.
    You can contact him at 516.938.5007 or email at

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March 2008 NATP Member of the Month -
Lance Wallach, CLU, CHFC, CIMC

The Lance Wallach Network