IRS Raids Nova Benefits Plans Offices

The Internal Revenue Service has declared an all out war on what they deem as fraudulent tax shelters. Unfortunately in their zeal to close the tax gap, many legitimate taxpayers find themselves in the crosshairs of the IRS. Regulators view many Internal Revenue Code section 419, 412i, 79 and captive insurance plans as abusive tax shelters. That has given rise to the dreaded "listed transaction" designation. At the top of their list? Plans issued by Nova Benefit Plans, LLC.

Does this mean these plans are illegal? That issue is being litigated but the IRS has instituted at least three criminal investigations involving Nova plans.

Nova claims they have drawn together "the very best and brightest in the welfare benefit planning industry" to bring together a package of welfare benefit plans. They say their plans and concepts have been tested and proven.

The IRS apparently disagrees. On April 20th of this year, 70 heavily armed IRS Criminal Investigation Division agents raided Nova's offices.

The raid resulted from a search warrant issued by a federal court in Connecticut. It authorized the seizure of Nova's 419 plans records. Nova is litigating that raid in Connecticut.

Meanwhile, IRS agents subpoenaed records from Washington National Insurance Company seeking to identify all the participants in Nova's sickness and disability plans. Nova is fighting that battle in a Nebraska federal court.

What does this mean for taxpayers investing in plans issued by Nova Benefit Plans? It could mean big trouble. Fines, interest and penalties and perhaps criminal prosecution. While the latter seems remote for most taxpayers, the IRS certainly considers investment in certain types of plans to be a "listed transaction." Listed transactions require special forms and filing requirements, requirements that are unfamiliar to most tax preparers and many CPAs.

Fail to tell the government of the plan and special penalties of $ 200,000 for businesses and $ 100,000 for individuals may be assessed.

The battle over section 419 plans is far from over.

But everyone who invested in one of these plans should know the risks.

So many plans failed IRS scrutiny that thousands of taxpayers found themselves on the wrong end of an IRS penalty assessment. Things got so bad that Congress imposed a moratorium on certain penalties for several months. That moratorium expired in June and the IRS has resumed aggressive penalty assessments.

Many people, alarmed by audit notices, stopped taking deductions or funding their plan thinking that would end the problem. Unfortunately, as long as they continue to receive a tax benefit, annual reports are required. (One problem we have encountered is filing the listed transaction report only in the year the plan was created or funded.)

Filing the reports alerts the IRS to pay extra scrutiny to these plans. For that reason, getting a "second opinion" is always wise advice, especially if purchasing the plan through a promoter or commissioned sales representative or agent. As I indicated earlier, there are many legitimate plans. Unfortunately a combination of zealous enforcement and misinformed promoters or promoters simply interested in making a commission has caused widespread compliance issues.

Insure that your CPA or tax accountant is familiar with the rules or learns them before investing and before filing your return. And think twice before trusting an insurance agent or financial planner for complex tax advice. Better agents will often team up with an experienced tax professional to insure that the client investing is truly eligible for special tax treatment. "Cookie cutter" legal opinions offered by some plan promoters are an invitation to disaster.

If you receive an audit notice because of a Nova plan or similar welfare benefit plan, get professional audit representation. If you have a plan that ultimately fails IRS scrutiny, you may have recourse against the promoter or others.

The Benefits of a 4 Man Dome Tent

There are now many varieties of tent designs available in the market today, each design claiming to be the perfect and the most durable piece that you can bring along for camping. But the truth is, not all of these are as effective and as useful as the other. One of the most highly recommended tent designs today is the 4 man dome tent. This tent features a number of advantages that you will not likely find in any other tent design. What are they exactly? Read on and see for yourself.

Large tent space

This is one of the tent's best features. 4 man tents provide campers with an impressively large tent space which can accommodate more number of people, and even small families. The tent can comfortably fit 3-4 adult persons inside. The added space also allows you to house more of your luggage so you never have to sacrifice any of your bags to the harsh and possibly wet weather outside.

Easy to set-up and disassemble

Some people may think that the large size of the tent makes it very hard to set-up or install.

But the truth is: the only difference it has with the other smaller sized tents is that it has more number of poles. Aside from that, a 4 man dome tent can be set-up as easily as any other tents sold in the market. And similarly, the tent can also be disassembled as easily as it is set-up. A 4 man tent is great for beginners and even long time camping enthusiasts.

Light-weight

In spite of the number of people it is able to accommodate, the tent is surprisingly lightweight and easy to carry around. This way, you do not have to sacrifice your comfort in transporting the camping tool just because of the added space feature. Compared to bringing along two different sets of tents to accommodate the same number of people, the 4 man dome tent is far lighter to carry around.

Roomy and well-ventilated

A 4 man dome tent always comes with mesh roofs and windows which are great features when camping out during warm weather. But aside form this, they can be easily zipped close with the same waterproof material making up the rest of the tent just in case rainy weather comes.

Given these benefits, 4 man tents are now without a doubt one of the best choices to get for families who love to go camping and experience the outdoors. The room size is just right to accommodate a small family, their bags and other camping gears. Price-wise, getting a dome tent to accommodate 4 people is a much better deal compared to purchasing 2 separate, smaller sized tents to accommodate the same number.

There are now a number of brands that feature this 4 man dome tent design. What you need to do now is to find good quality products. And these are not hard to find as well because there are now several brands that have been time tested to produce the best quality tents.

1 Man Tent - Enjoying Its Benefits

Camping is actually an outside fun adventure. The campers depart urban areas, their home place, or even civilization and luxuriate in nature while committing one or more evenings outdoors, typically on a campground. Campers generally carry on their journey along with buddies or families as camping is greater enjoyable when conducted with a number of people. It is a recreation which permits someone to obtain fun with whoever they are with while experiencing the out-of-doors. Throughout these outings, most individuals prefer 1 man tent due to some benefits they value the most.

Firstly is the privacy. This is the number one thing that is certain to you as soon as you get your 1 man tent. Instead of resting with somebody else, you sleep by yourself privately in your own space. No person can annoy you therefore you can be as serene and comfortable all over the night. Forget about concerns regarding someone else fooling on you and spoiling your great night sleep specifically if you have pals whom adore teasing by their sleeping buddies.

Secondly is the portability. Due to its lightweight it means it gives you 100 percent hassle free. Outdoor endeavor signifies packing your essential equipments within a backpack for ease. Consider trying to stroll through steeps plus slopes while transporting tent which is greater than five pounds is something hilarious. Well, with 1 man tent, you don't need to stress about that much weight since the common weight of it is merely one-to-two pounds. However once you're through with the tent and dismantle it, it will be simple for someone to keep a compact 1 man tent. It doesn't occupy a lot of space. Better still, there aren't likely to be plenty of components, rods, and stakes which have to be organized. You'll be able to keep and manage the tent effortlessly.

Thirdly it's affordability. It is evident that large-sized tent is more pricey compare to 1 man tent since it utilizes only fewer components. Though rates differ with brand names, dimension will actually matter. Larger sizes mean greater costs. It is better to obtain tent that are branded as you can be certain of comfort and quality it brings.

These remarkable benefits make this a well-known choice. If you believe these benefits is what you'll want out of your tent, then you might like to commence evaluating prices, models, along with assessments until you choose the best tent for your situation. Accomplishing that will make sure you select the suitable tent.