New I.R.S. Tax Rulings Provide Alternatives to Victims of Madoff, Ponzi Schemes

(BUSINESS WIRE)--Victims of the Bernie Madoff fraud and other Ponzi schemes have alternatives for obtaining refunds from tax losses and should weigh the numerous recovery avenues before proceeding with a course of action, according to a prominent Florida tax attorney with in-depth knowledge of the new rulings.

The topic, “The Safe Harbor, is it Worth it?” is published on www.bernardmadofftaxloss.com. It will be presented by Boca Raton-based attorney Richard S. Lehman on Wednesday, June 10, 3-5 p.m. at the Boca Raton (FL) Marriott. The course offers CPE credit for accountants. To register, call 561-368-1113 or visit www.bernardmadofftaxloss.com.

“Thousands of people are facing financial ruin from Ponzi scheme losses,” said Lehman. “Many of these victims aren’t aware of the many courses of action they can take for recovery of taxes paid. Accountants, financial advisors, and attorneys must work together in mapping out an effective strategy for these people.

“The I.R.S. offers victims a ‘safe harbor procedure’ that will be beneficial to many Ponzi scheme victims seeking tax refunds from tax losses. However, the I.R.S. requires the taxpayer to waive certain important tax rights to accept the benefits. For many people the tax rights they are forced to waive are very valuable and do not have to be waived.

“For victims to choose correctly between the safe harbor rules or alternatives, it will be important for them to have accounting and legal experts to guide them through the process of determining whether the safe harbor is the best choice and available to the client or whether the client will benefit more by proving that he is entitled to similar tax benefits to the safe harbor without waiving valuable rights.”

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