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Advisers staring at a new ‘slew' of
litigation from small-business clients
The IRS has been aggressive in auditing these plans. The fines for failing
to notify the agency about them are $200,000 per business per
year the plan has been in place and $100,000 per individual.
The IRS is cracking down on what it considers to be
abusivetax shelters. Many of them are being marketed to small business
owners byinsurance professionals, financial planners and
even accountants and attorneys.
IRS Small Business and
Self-Employed Division Will Emphasize
Enforcement Activities over the Next Year
and how the IRS fined him $200,000 a year for
being in what they called “a listed transaction”.
|A Rose By Any Other Name, or
Whatever Happened to all those 419A(f)(6)Providers?
The IRS finally put a stop to such assertions by issuing
regulations and naming such plans as “potentially abusive tax shelters”
(or “listed transactions”) that needed to be disclosed and registered.
|How to Get Fined $100,000 by the IRS
and Lose Your License
benefit retirement plans and all 419 welfare benefit plans.
|IRS Attacks Accountants & Business Owners
Senator seeks support to scale back the IRS’s assault on
nondisclosure of alleged tax shelters due to constitutional concerns.
|Regaining The Lost Confidentiality of Off-Shore Trusts
Today, in jurisdiction after jurisdiction, the custodial bank
is required to know who the beneficial owner of the trust is.
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|NEW JERSEY ASSOCIATION OF PUBLIC ACCOUNTANTS
Business Owners, Accountants, and Others
Fined $200,000 by IRS and Don’t Know Why
|CIVIL ACTION NO. 09-988 (E.D. Pa. Aug. 31, 2016)
SOLIS V. JOHN J. KORESKO, V, JEANNE BONNEY, PENN-MONT BENEFIT SERVS., INC.
WENDY BEETLESTONE, J.
This case arises out of an action by Plaintiff, the Secretary of Labor of the United States Department of
Labor ("DOL"), brought against two multiple-employer trusts and others, alleging breach of their fiduciary
duties under the Employee Retirement Income Security Act for failure to maintain employee welfare
benefit plan assets in trust and transferring plan assets into non-trust accounts they controlled. Before the
Court is Defendant John J. Koresko's ("Koresko") Motion for Reconsideration of the Court's Order of
Contempt issued April 26, 2016 (ECF No. 1307).
In entering the Contempt Order, the Court concluded that the DOL had proved by clear and convincing
evidence that: (1) a valid order of the court existed; (2) the defendant had knowledge of the order; and (3)
the defendant disobeyed the order. See FTC v. Lane Labs-USA, Inc., 624 F.3d 575, 591 (3d Cir. 2010). The
Court's rationale was set forth in its oral opinion from the bench at the conclusion of the hearing on the
Motion for Contempt. See ECF No. 1321.
Beyond the frivolous and meritless objections discussed supra, Koresko has not offered any
newly-discovered evidence or asserted any manifest errors of law or fact that would warrant
reconsideration. A motion for reconsideration should generally be denied "unless the moving party can
point to controlling decisions or data that the court overlooked." Shrader v. CSX Transp., Inc., 70 F.3d 255,
257 (2d Cir. 1995). Koresko having failed to do so, the motion
BY THE COURT:
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