Linda Jenkins O'Rourke CPA, PA

Certified Public Accountant
Clearwater, Florida

What's New

Revenue Procedure 2009-20 provides an optional safe harbor method for eligible taxpayers to deduct theft losses from criminally fraudulent investment arrangements that take the form of “Ponzi” schemes.  The safe harbor method provides a uniform, simplified method for eligible taxpayers to determine the amount and timing of their theft loss deductions.
 
Revenue Ruling 2009-09 addresses the tax treatment of losses from criminally fraudulent investment arrangements that take the form of “Ponzi” schemes.  The ruling holds that the losses are theft losses and provides guidance on the character, timing, and amount of the loss deduction. 
 
Revenue Procedure 2009-20 and Revenue Ruling 2009-09 will be published in Internal Revenue Bulletin 2009-14  on  April 6, 2009.

 

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