Pharma Investments, Ventures & Law Weekly
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Gerber & Co. Inc.
CPA Firm Gerber & Co.: Victims of Ponzi Investment Scams May Be Eligible for Tax Relief
January 4th, 2009
For those victims of investment scams such as the current alleged Madoff Ponzi scheme, some tax savings and refunds may be available to partially soothe the sting of their lost investment. In past disasters, the IRS has held that being victimized by an investment scam constitutes a "theft loss," generally deductible in the year that the theft is discovered. According to Richard Weisinger, CPA, Director of Tax Services for the accounting firm Gerber & Co., for most individual investors, their entire investment would likely be tax deductible, subject to the applicable limitations. "For those individuals who have paid taxes previously, some small...
Source: Pharma Investments, Ventures & Law Weekly (2009-01-04)
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