Posts Tagged ‘loss deduction’

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 »

Falling Tax Revenues May Make It Difficult for Madoff Victims to Recover Their Losses

Monday, December 29th, 2008

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.Â
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
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Posted in Tax news and tips | No Comments »

Relief for Victims of Investment Scheme - Deducting Investment Tax Losses Can Help Madoff Fraud Victims Recover Their Financial Losses

Thursday, December 18th, 2008

The list of investors reportedly defrauded by Bernie Madoff’s Ponzi scheme continues to grow. Victims of the $50 billion scam include banking institutions, various charities and a long list of celebrities including Steven Spielberg, Jeffrey Katzenberg, and screenwriter Eric Roth.
Experts are saying it’s one of the biggest Ponzi schemes in the history of Wall Street. But what many people may not know is that these victims of investment fraud can
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Posted in Tax news and tips | 7 Comments »