IRC Section 101 (a) (1) & 7702 . . . Need To Know!
October 6, 2021
Hosted by Frank Helring
During my tenure in the insurance business there were many, many occasions whereby an IRC (Internal Revenue Code) came to the aid of my clientele, especially small business clients and provided tax free, tax favored or revenue re-caputure provisions that provided tremendous benefits both short and long term. If you ever looked at the Internal Revenue Code you would probably be old and gray before you ever finished it much less understood it to any great degree. I was privileged during my career to be in relationship with five out of the eight then Big 8 CPA firms as my referring “Influencers” to their clients. Arthur Young, Arthur Andersen (now defunct) were names that were trusted and respected in that era. During the 1970’s a product known as Single Premium Whole Life was introduced and it was highly touted and sought after because the tax treatment on withdrawal was LIFO vs FIFO. This would mean that clients could literally take out their earnings TAX FREE up to basis (the original principal investment) and NEVER pay a dime of income taxes and with very attractive interest rate returns due the Carter “Inflationary” economy which had prime at double digit interest rates. Needless to say my agency earned a good deal of revenue from these IRC Codes that provided sorely needed tax relief for our clients. Today, I will be interviewing some very talented individuals and Alumni Advertisers currently with the show. They are going to inform us of two IRC Codes that will be of great benefit to you the small business both now and in the future. Judge Learned Hand of the United States Court of Appeals once stated, “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.” Tax Avoidance is not possible but Tax Favored is always worth investigating. Tune in today to find out more about . . . What You Don’t Know!
BizZne$$ BuzZ and BizZne$$ Watch
Wednesday at 10 AM Pacific Time on VoiceAmerica Business Channel
BizZne$$ BuzZ is all about your business. Small business is in trouble and they have been as far back as the “rocking” that occurred in 2008. The 14.2 percent loss of many brick and mortar small businesses happened by the year 2015 (source, NFIB 2015 Report). Already being squeezed by Internet predators, like Amazon, E-Bay, etc. They are literally sucking the life out of small businesses by customer and profit “siphoning.” B2B Networking Groups and social media disappointments abound.
Small business needs a “counter” to these E-commerce tsunamis and that mechanism is the power of UNITY, RELATIONSHIP and the Law of RECIPROCITY. This is an EDGE that is a non-compete. The “perfect storm” of shut down/customer distancing, lack of capital and uncertainty are the devastating effects of COVID19 disruption.
Our mission is to provide your business the boost that it needs to recapture your personal visions, rejuvenate your operations and to bring about a platform that represents your interests.
Frank Helring is the CEO and Founder of TheHubmartLLC. He is an established executive with over 45 years of service encompassing Christian ministries, private/corporate insurance, public/philanthropic enterprises and private equities sectors.
His past tenures include owning his own General Insurance Agency from October 1977 to 1991, serving as an Executive Director with World Vision of Orange County from 1994 to 1998 inclusive as a President and CEO of a community-based organization.He has served as President of JMS Consulting Group 2004-2006, a private equities firm in Los Angeles during which time he personally consulted to the VP of Benefits of the legendary NFIB.com on “Boutique” Membership programs and Association negotiating levels of involvement. He and his wife have owned Allure Med Aesthetics, Inc. a medical aesthetics practice, since 2013. Most recently, he is currently involved with revolutionary firms engaged in accelerating the emerging “opportunity commercial marketplace” and cutting edge medical regeneration technologies.
Frank resides in Mission Viejo, with his wife Rhoda. His combination of grassroots community involvement, strategic relationships formation and continued success as a visionary corporate entrepreneur distinguish him as an invaluable asset to the small business community at large.