Tax Code Helps Investment Fraud Victims Recover Financial Losses as Madoff is Sentenced to 150 Years in Prison
Bernard MadoffÂ 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.”Â AnÂ investigation has found that in reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients â€” and to finance a lavish lifestyle for his family.
Victims of the $50 billion scam include banking institutions, various charities and a long list of celebrities including Steven Spielberg. While itâ€™s one of the biggest Ponzi schemes in the history of Wall Street, many people may not be aware that victims of investment fraud can take advantage of tax benefits that can help them recover their financial losses.
I handle IRS cases for victims of investment fraud – including those scammed by Madoffâ€™s Ponzi scheme. Taxpayers can recover 30-40% of their losses by filing tax theft loss deductions. To qualify for this IRS tax break, fraud victims but will need to go back and amend their tax returns to recoup their losses. And although the IRS has released Safe Harbor Guidelines to help taxpayers recoup their financial losses, they will still need a specialized investment fraud help to successfully navigate the complicated and highly technical tax code.
More Tax Help, IRS News and Tax Relief Tips:
- New IRS “Safe Harbor” Guidelines for Ponzi Victims Filing Tax Theft Loss Deductions
- What Safe Harbor Really Means for Ponzi Victims – IRS Estimates it will Refund Fraud Victims $17 Billion, But Not Without a Fight
- Tax and Planning Implications for Madoff Ponzi Scheme Victims
- California Will Not Allow Madoff Victims to Claim Tax Refunds for Income Paid on “Phantom Profits”
- General Motors Pending Bankruptcy – Tax Help Available for GM and Chrysler Employees with IRS Debt
Tags: Bernard Madoff, Bernie Madoff, investment fraud help, investment fraud representation, irs problems, IRS safe harbor guidelines, Michael Rozbruch, ponzi scheme, tax attorney, tax expert, tax help, tax resolution services, theft loss deductions