Posts Tagged ‘fraud loss deduction’

What Safe Harbor Really Means for Ponzi Victims - IRS Estimates it will Refund Fraud Victims $17 Billion, But Not Without a Fight

Friday, March 20th, 2009

Under the NEW IRC Section 165 Safe Harbor Rules the IRS estimates it will refund victims of the Bernard Madoff’s massive ponzi scheme around $17 billion!!
The Safe Harbor provisions are crucial to obtaining relief for victims of investment stock fraud because it converts what would ordinarily be a capital loss (which is offset against capital gains and any unused capital loss is then limited to a deduction of only $3,000
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Posted in Tax news and tips, Working with the IRS | 3 Comments »

What Everyone on Madoff’s 162-Page Client List Should Know About Recovering Losses through Tax Deductions

Thursday, February 5th, 2009

Today Bernie Madoff’s client list was made public revealing even more high-profile individuals defrauded by the $50 billion Ponzi scheme. Among the names disclosed today are John Malkovich, Barbara Bach (Ringo Starr’s wife), Kevin Bacon and Dodgers great Sandy Koufax.
What these fraud victims need to know is that they can recoup 30-40% of their losses if they take advantage of Internal Revenue Code Section 165. So if you’ve paid taxes
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Posted in Tax news and tips | 4 Comments »

Bailout for Madoff Victims Would Cost the Government as Much as $20 Billion

Friday, January 9th, 2009

According to a recent article in the New York Times titled For Victims of Schemes, the I.R.S. Can Be Flexible, a bailout for Madoff victims would cost federal, state and local governments as much as $20 billion.
While a spokesman for the Internal Revenue Service declined to comment on the Madoff case, there is still speculation in the media and amongst tax professionals as to whether investors will be able to
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Posted in Tax news and tips | 2 Comments »