Category Archives: Ponzi Schemes Tax Laws
Ponzi Scheme Losses – Has the Trump tax bill made business theft loss deductions and losses less valuable?
First of all, it is important to know that the new Tax Cut & Jobs Act (TCJA) of 2017 does affects the Ponzi Scheme investment tax loss deduction to one degree or another. It appears, at first glance to be one of the few areas of the new tax law that may have lost… Read More »
Level: Intermediate CLE Credits General 2.0 Certification Credits Business Litigation 2.0 Tax Law 2.0 Upon completion of this presentation, you will be asked to take a survey with your contact information. Once that is submitted you will be provided a course number. Florida Bar members can report their CLE credits online at www.floridabar.org.
My experience of a small sample of accountants and lawyers has revealed that many do not know that there still is a business tax deduction for Ponzi Scheme losses and similar financial frauds that were invested in for profit. There also still is a “Clawback” or “Mitigation” deduction available for investors that have made… Read More »
A Ponzi Scheme Clawback payment of profits is typical in many Ponzi Schemes. Ponzi Scheme Trustees appointed to achieve fairness among defrauded investors have successfully recovered billions of dollars from innocent Ponzi Scheme investors who profited from the Scheme even though there were indeed no real profits at all in a Ponzi Scheme. Everyone… Read More »
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These I.R.S. publications continue to provide reliable guidance for Ponzi Scheme tax recoveries. The Internal Revenue Service in the years 2009 published two very helpful documents to guide taxpayer about (1) the law of Ponzi Scheme tax recoveries (The Revenue Ruling 2009-9), and (2) a simplified method of claiming the tax deductions so long as… Read More »
In the event the taxpayer does not qualify for the Safe Harbor which is often the case since many Ponzi Schemes do not reach the level of the perpetrators being found to be criminals. There is still the distinct possibility that victims of Ponzi Schemes may recover under the Code Section in the Internal… Read More »
Tax Refunds From Ponzi Scheme Losses By Deduction Of Those Losses: Prior to the Trump Tax plan by claiming losses in year of discovery they could be carried back for a three year period plus carry forward of 20 years of losses. This is not the case anymore. It could be an important difference…. Read More »
Ponzi Scheme Segment There are several investments that turn out to be fraudulent schemes in which investors invest their hard earned funds and lose those funds because there was never in fact an actual investment that produced profits. Generally, those frauds are known as Ponzi Schemes. Taxpayers who lose money in Ponzi Schemes may… Read More »
Trusts, Estates And The Rights Of Individual Beneficiaries The general rules limit the deduction of net operating losses available to estates and trusts to the taxpayer sustaining the loss. Net operating losses of an ongoing estate or trust are not typically deductible by its beneficiaries. However, there is an exception in the general rule… Read More »