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    Deducting Ponzi Scheme Losses Practical Issues

    Article In March 2009, the IRS issued Rev. Rul. 2009-9 and Rev. Proc. 2009-20, which provided guidance on the tax treatment of theft losses from Ponzi-type schemes.
    Published on July 13, 2012

    Ponzi Schemes The Implications for Defrauded Investors

    Article The losses incurred in a Ponzi scheme may be deductible as theft loss under Sec. 165(a) as an ordinary deduction in the year the loss was discovered, with certain limitations. A taxpayer cannot deduct losses as long as there is a possibility of recovery and litigation is ongoing.
    Published on January 28, 2011

    IRS Issues Guidance on Losses from Ponzi Schemes

    Article The IRS has released guidance on how investors who have fraud losses from a Ponzi scheme should treat their losses for tax purposes and has provided a safe harbor for taxpayers to use in determining the amount and the timing of their losses from a Ponzi scheme.
    Published on January 28, 2011

    Whats the Brouhaha Over the Dodd-Frank Act

    Article The Dodd-Frank Act was established to ensure that consumers are protected in their financial dealings and that Wall Street’s and other financial institutions’ activities become more transparent and appropriately regulated. It was also about eliminating the risk that arises from institutions being deemed “too big to fail.”  The reforms were
    Published on January 28, 2011

    Deducting Losses for Defrauded Investors

    Article This article considers theft losses “incurred in an activity engaged in for profit.” These investment theft losses are not subject to the 10% of AGI reduction for losses of personal use property, the 2% of AGI floor for miscellaneous itemized deductions, or the itemized deduction phaseout rules of Sec. 68.
    Published on January 28, 2011

    Individual Taxation Report

    Article This article covers recent significant developments affecting taxation of individuals, including cases, IRS guidance, and legislative changes.
    Published on January 28, 2011

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