Help for Victims of Ponzi Schemes - John R. Dundon II, Enrolled Agent
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Help for Victims of Ponzi Schemes

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Help for Victims of Ponzi Schemes

Regarding help for victims of Ponzi schemes, The IRS provides two items of guidance to help taxpayers who are victims of losses from Ponzi-type investment schemes.

Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from these schemes, which is difficult and dependent on the prospect of recovering the lost money (which may not become known for several years).

Revenue Procedure 2009-20 simplifies compliance for taxpayers by providing a safe-harbor means of determining the year in which the loss is deemed to occur and a simplified means of computing the amount of the loss.

There are also excellent IRS resources here:

Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from these schemes, which is difficult and dependent on the prospect of recovering the lost money (which may not become known for several years).

Revenue Procedure 2009-20 simplifies compliance for taxpayers by providing a safe-harbor means of determining the year in which the loss is deemed to occur and a simplified means of computing the amount of the loss.

There are also excellent IRS resources here:

Revenue Ruling 2009-9

Revenue Procedure 2009-20

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