Falling Tax Revenues May Make It Difficult for Madoff Victims to Recover Their Losses
I recently blogged about how victims of investment fraud can seek relief from the IRS and today I came across an interesting story in tax-news.com about Madoff Investors turning to Uncle Sam for a Bailout.
The article says:
Given the current economic climate and the likelihood of falling tax revenues in the year ahead, the IRS, which could face tax revenue losses in the billions of dollars (as much as USD17 billion according to one estimate), is unlikely to want to become an unwitting victim of the Madoff scandal too. Therefore, it remains questionable at present whether the agency would uphold such substantial theft loss claims.
I’ve used the theft loss provisions under section 165 of the U.S. tax code before to help victims of investment fraud recoup their losses. So I know that it is a very technical and complicated process.
If you are thinking about deducting fraud loss and amending your tax returns to recoup your money, know that you will need experienced tax professionals to help clear your name when you are placed under IRS scrutiny.
For more advice and information on investment fraud recovery, visit the Tax Resolution Services web site for a free tax relief consultation or call 866-477-7762.
More Tax Help, IRS News and Tax Relief Tips:
- Relief for Victims of Investment Scheme – Deducting Investment Tax Losses Can Help Madoff Fraud Victims Recover Their Financial Losses
- What Everyone on Madoff’s 162-Page Client List Should Know About Recovering Losses through Tax Deductions
- Bailout for Madoff Victims Would Cost the Government as Much as $20 Billion
- What Safe Harbor Really Means for Ponzi Victims – IRS Estimates it will Refund Fraud Victims $17 Billion, But Not Without a Fight
Tags: Bernard Madoff, Bernie Madoff, fraud loss, investment fraud, IRC 165, IRS 165, Jeffrey Katzenbery, loss deduction, Michael Rozbruch, ordinary loss deduction, Ponzi, pyramid scheme, Steven Spielberg, tax expert
