Word: ponzis
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Dates: during 2000-2009
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...good news for Ponzi victims is that the IRS will allow the amount of the theft loss to include the investor's unrecovered investment, that is, the principle plus other investments minus withdrawals, but including "fictitious income" as reported in past years, according to Shulman...
Internal Revenue Service Commissioner Doug Shulman reached out to thousands of Ponzi victims Tuesday by issuing new guidelines for filing tax theft loss deductions...
...comments come in the wake of numerous Ponzi scheme crimes, most notably Bernard Madoff's $65 billion scam, which Shulman said was tragic but raised a "staggering array of tax and pension implications for the victims," many of whom have lost entire life savings and retirement accounts. (Read "Another Victim of the Ponzi Schemers...
...example, a victim were to receive from SIPC $200,000, that victim's net operating loss would be $750,000, which would be the number used on tax returns to go back five years and forward 20 years from 2008 to recover monies against taxes paid. (Read more about Ponzi schemes...
Late last month, two Senators and three Congressmen sent a two-page, single-spaced letter with 10 questions to the IRS asking for direction in resolving a series of important questions regarding Madoff and Ponzis, such as whether there will be special extensions for victims. The letter also suggested setting up a special "Madoff unit" to process claims. (Read more about Ponzi schemes...