Expert Richard Lehman Demonstrates Maximizing Tax Refunds From Ponzi Scheme Losses in New BNA Webinar
ARLINGTON, Va., March 18 /PRNewswire-USNewswire/ -- Ponzi Scheme losses today are in the tens of billions of dollars with new Ponzi Schemes announced on a regular basis. What is not widely known to tax researchers and planners is that financial losses from Ponzi Schemes may qualify as tax deductible theft losses that can be carried back and carried forward and applied against ordinary income, both passive and active. Billions of dollars of tax losses and refunds may ultimately go unclaimed or not be used to their maximum advantage. Tax expert Richard S. Lehman will lead a BNA Tax & Accounting webinar, Maximizing Tax Refunds from Ponzi Scheme Losses, March 25, that will focus on the alternatives available to maximize tax refunds that result from Ponzi Scheme losses and to minimize administrative delays at the Internal Revenue Service.
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The timing of claiming the theft loss deduction, the amount of the deduction and the limitations are different depending upon the individual taxpayer, the particular nature of each Ponzi Scheme, the opportunities for recovery and many other variables. All of this can affect the taxpayer's approach to reporting the loss and maximizing the tax deduction. In addition, there is an I.R.S. "safe harbor" that will permit taxpayers who qualify to obtain their tax refunds with greater administrative ease than is usual.
Starting at 12:30 p.m. ET, Lehman will provide participants with 60-90 minutes of practical guidance, including:
- Analysis of the requirements of the theft loss tax deduction for Ponzi Scheme losses
- Characteristics of the theft loss deduction
- Amount and timing of the theft loss
- Theft loss vs. Amended Tax Returns
- Taxation of "Claw backs" of Ponzi Scheme Profits
- Estate and Gift Tax consequences of Ponzi Scheme Losses
The Internal Revenue Safe Harbor
- A Comparison of the law and the safe harbor requirements
- Benefits and downsides of using the safe harbor
Upon completion of this program, participants will be able to:
- Choose the appropriate strategy to maximize the theft loss deduction resulting from a Ponzi Scheme
- Understand and recognize various elements to insure theft loss tax treatment in the correct year and amount
- Understand the impact of Ponzi Scheme, "Claw backs," (the repayment of Ponzi Scheme distributions)
- Understand the Estate Gift and Trust Tax Consequences of a Ponzi Scheme Loss
- Understand the benefits and drawbacks of the I.R.S. Safe Harbor for Ponzi Scheme losses
About the Speaker
Richard S. Lehman practices law in Boca Raton, Florida. He is a graduate of Georgetown Law School, the New York University Law School, LLM, Taxation, and has served as a clerk on the United States Tax Court and as a Senior Attorney with the chief Counsel's Office of the Internal Revenue Service, Washington D.C.
Richard Lehman has practiced law in South Florida for 35 years and represented clients from 50 countries and foreign jurisdictions and Americans in matters of taxation in almost every area of the Internal Revenue Code during this time.
Maximizing Tax Refunds from Ponzi Scheme Losses takes place March 25, 2010, from 12:30 – 2:00 p.m., ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/CLE-CPE-Information/?open&cmpid=tmtxpr2010 or call 1-800-372-1033, menu Option 6, then Option 1. The fee to attend this webinar is $249 for BNA subscribers, $299 for nonsubscribers.
To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm
About BNA Tax & Accounting Webinars
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.
SOURCE BNA Tax & Accounting
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