The Internal Revenue Service has begun sending out refund checks to victims of Bernie Madoff’s scheme who’ve taken advantage of a special IRS rule for Ponzi victims. The IRS is now repaying investors who’ve paid taxes on money they thought they made on investments with Madoff’s firm.
I’ve blogged about how Ponzi victims can get expert tax help for maximizing their tax benefits to help them regain their financial welfare. Taxpayers
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Bernard Madoff  was sentenced to 150 years in prison today. According to MSNBC, the disgraced investor received the maximum sentence for his massive Ponzi scheme and apologized to victims for the multibillion-dollar fraud scheme that the judge called “extraordinarily evil.”  An  investigation has found that in reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients — and to finance a
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Danny Pang, and Orange County money manager, was  arrested on suspicion of evading currency reporting laws. According to the Los Angeles Times, Pang is accused of bilking investors of hundreds of millions of dollars and has allegedly sought to hide more than $300,000 in cash from the government.
On Monday, Pang’s assets and those of his Irvine company, Private Equity Management Group Inc., were frozen at the request of the
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I’ve blogged before about the investment fraud loss and deductibility rules outlined in Internal Revenue Code 165, and how the tax code can help victims of investment fraud recoup their losses. Now Madoff victims are hoping to get refunds on past state taxes paid on income from Madoff that they might never have received.
The Los Angeles Times reports that hundreds of Californians, many of them elderly and nearly broke, are
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While Benrie Madoff was jailed last week after pleading guilty to charges surrounding his $65 billion Ponzi scheme, the IRS is busy issuing new guidelines for filing tax theft loss deductions.
Internal Revenue Service Commissioner Doug Shulman reached out to thousands of Ponzi victims to provide “safe harbor” procedures for taxpayers who sustained investment losses discovered to be criminally fraudulent.
In addition to simplifying and clarifying the filing process for those seeking
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