Word: taxed
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Dates: during 2000-2009
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...Internal Revenue Service is bracing for a deluge of amended tax returns from tens of thousands of victims caught up in the recent wave of multibillion-dollar Ponzi schemes and other frauds, most notably the sensational swindle perpetrated by Bernie Madoff and R. Allen Stanford's $8 billion certificates-of-deposit scam...
...always the first go-to place for financial-fraud survivors trying to recoup lost money. But with the April 15 tax clock ticking, figuring out what to do about recovery, both from taxes and from the Securities Investor Protection Corp. (SPIC), has become a mind-boggling maze for accountants and their Ponzi-victim clients. At a hearing yesterday, Madoff pleaded guilty to his decades-long crime, was handcuffed and ordered to jail. Sentencing is scheduled for June, but he could potentially be sentenced to 150 years on 11 counts. (Read "The Madoff Hearing: A Guilty Plea, but No Catharsis...
There's no unanimity about what to do in regard to Ponzi and other fraud recovery when it comes to taxes. Ponzi survivors are getting a litany of mixed signals from bulletins, tax-adviser reports, panel discussions and the Web. And to make matters worse, many of those trying to get their tax returns in quickly are being slow-danced by their former feeder-fund managers, who, under advisement, have been slow in sending out amended statements, or K-1s; they have until Oct. 15, the final deadline for 2008 filings. (See a TIME video from outside the courthouse...
...think we're going to see the IRS come out with guidelines very shortly," said Neil Tipograph, tax partner at New York City-based Imowitz Koenig & Co. LLP, an accounting firm specializing in private-equity and feeder hedge funds. According to Tipograph and other tax experts, victims involved in Ponzis have four ways to reclaim taxes paid on fraudulent income, the first being a good old-fashioned "theft loss" deduction, which allows a person to go back three years and reclaim taxes paid. Currently, no deduction can be made on the original investment, especially if an SIPC claim has been...
Meanwhile, there is popular disgust with the current crop of politicians, who are perceived to be ineffective at running the country and more interested in positioning themselves for the next presidential elections, set for 2012. Lawmakers recently fended off an attempt to tax their salaries, already among the highest in the world...