Ponzi-Scheme Losses: Indirect Investor and State Tax Issues  

Oleh:

Nichols, Nancy B. ; VanDenburgh, William M.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 211 no. 2 (Feb. 2011), page 46-55.
Topik: Ponzi schemes; fraud; monetary losses; tax implications; investment; tax treatment

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.30 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Ponzi schemes continue to come to light regularly. After 2008, when Bernard Madoff's $65 billion Ponzi scheme was exposed, the SEC made comprehensive reforms to better detect fraud within the 11,000 regulated investment advisers and 8,000 mutual funds that it oversees, according to the SEC's description of those reforms. As a result of its increased enforcement efforts, in 2009 the SEC initiated 60 enforcement actions against alleged Ponzi schemes. They included Houston financier Robert Allen Stanford's alleged $8 billion ruse. In each of these cases, besides their monetary losses, alleged victims face tax implications that CPAs can help untangle. This article describes tax guidance regarding the treatment of Ponzi-scheme losses from both federal and state tax perspectives. Revenue Ruling 2009-9 addressed the amount, character and timing of investment theft losses, and Revenue Procedure 2009-20 provided a safe harbor for taxpayers reporting them. Eight states have adopted specific guidance regarding the tax treatment of Ponzi losses.

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