This course will benefit attorneys who assist clients with subjects they're not entirely knowledgeable about, which can potentially result in dissatisfied clients, lawsuits and/or IRS fines. Recently, the IRS issued confusing and little noticed regulations impacting advisors, including attorneys. If an attorney assists a client who is involved in what the IRS calls an abusive tax shelter, listed transaction or similar to, and gets paid, the attorney could be subject to IRS reporting requirements. Additionally, the attorney could be deemed a material advisor, which could result in large fines and penalties. This presentation will also discuss risks that life insurance licensed attorneys face.
Learning Objectives:
• Discuss common abusive tax shelters
• Discuss how an attorney could be deemed a material advisor and therefore be subject to IRS reporting requirements
• Explain captive insurance, conservation easements, Employee Retention Credits (ERC) and Foreign Bank Account Report (FBAR)
• Explore life insurance pitfalls
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