IRS Issues Ponzi Scheme Tax Loss Guidelines
Commissioner Shulman's Senate Finance Testimony on Ponzi Schemes and Offshore Tax Evasion Legislation"PONZI SCHEME PUBLISHED GUIDANCE Summary The IRS is issuing two guidance items to assist taxpayers who are victims of losses from Ponzi-type investment schemes. While I recognize that the Committee is today focused on one specific case, the IRS guidance is not specific to this case. The first item is arevenue ruling that clarifies the income tax law governing the treatment of losses in such schemes. The second is a revenue procedure that provides a safe-harbor method of computing and reporting the losses." |
Rev. Rul. 2009-9 (http://www.irs.gov/pub/irs-drop/rr-09-09.pdf)
Rev. Pro. 2009-20 (http://www.irs.gov/pub/irs-drop/rp-09-20.pdf)
