Ponzi Scheme Tax Loss
Total presentation time: 82:36
Veteran South Florida Tax Attorney Richard S. Lehman will explain:
- How to best secure a tax refund from Ponzi Scheme losses
- How the government has made recovery easier
- What you need to know about theft losses
- How to plan and implement a taxpayer Ponzi Scheme tax loss for maximum benefits now, and in the future.
Topics discussed in this seminar include: Ponzi schemes and theft loss, understanding the safe harbor, the theft loss, what is privity, amount of the theft loss deduction, phantom income, the year of discovery, amount of theft loss in the year of discovery, reasonable prospect of recovery, ascertainable standard, tax planning for maximum use of loss, quantifying the amount of the theft loss, the amended return, claw backs, estates and trusts, comparing safe harbor vs the law, tax planning
OCTOBER 2012 Update: The most recent Internal Revenue Service ruling allows clawback victims of Ponzi schemes to maximize their tax refunds and deduct their losses in years that would otherwise be closed by the Statute of Limitations. This is in the event the deductions are more valuable in the earlier years for purposes of tax refunds.
1. VIEW ONLINE: New I.R.S. Revenue Ruling re: clawbacks
2. RELATED ARTICLE: “Favorable Tax Consequences related to Ponzi Scheme and the Clawback” this article describes completely the advantages of how to make use of Code Section 1341 noted in the new IRS ruling.
3. Report to Congress: The U.S. Government Accountability Office (GAO) Report on Customer Outcomes in the Madoff Liquidation Proceeding.
Presentation slides download as pdf
IRS Revenue Ruling: download as pdf
Revenue Procedure: download as pdf
REPORT NO.1: Bernard Madoff Tax Loss – Introduction download pdf
REPORT NO.2: A Reasonable Prospect of Recovery download pdf
REPORT NO.3: Is the Safe Harbor Worth it? download pdf
TAX MANAGEMENT Real Estate Journal Vol 27, No2, Feb 2011 Ponzi Scheme Tax Losses
Favorable Tax Consequences Related to Ponzi Schemes and the Clawback September, 2011 Read full article or download pdf
Ponzi Scheme Presentation Outline Click here to view