Howard, LLP

Archive for October 2014

Howard Insights: Ponzi Scheme Loss Deductions

In March of 2009, the IRS issued Rev. Rul. 2009-9 & Rev. Proc. 2009-20 to offer guidance to taxpayers who were defrauded in Ponzi schemes such as the Bernard Madoff scam.  In this revenue ruling, the IRS clarified many of the complex issues involved in deducting the losses incurred in the Ponzi-type schemes, and established […]