Posts Tagged ‘IRS safe harbor’

Tax and Planning Implications for Madoff Ponzi Scheme Victims

Tuesday, March 24th, 2009

I recently blogged about the new IRS Safe Harbor guidelines for Ponzi scheme victims.
CCH has issued a white paper addressing the various tax and planning implications that arise as a result of investment in the Madoff Ponzi scheme or other fraudulent schemes. The paper, Madoff and Other Fraudulent Schemes: Tax and Planning Implications, analyzes the tax issues and bankruptcy implications arising from the schemes and provides an overview of related
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Posted in Tax news and tips | 3 Comments »

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 »