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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Madoff Investors Look To Uncle Sam For Bailout |
by Leroy Baker, Tax-News.com, New York
23 December 2008
As the explosive revelations from the Bernard Madoff investment scandal continue
to reverberate across the financial world, investors who have lost money in
Madoff's funds may be able to reach for one crumb of comfort in the form of
the US tax code, it has emerged.
With many investors still counting the cost of putting their trust - and substantial
sums of money - into what has allegedly turned out to be Wall Street's largest-ever
Ponzi scheme, tax advisors are pointing to certain sections of the US tax code
which could allow investors to recoup significant sums through 'theft loss'
provisions.
Under the theft loss rules, taxpayers can deduct a loss against 90% of their
adjusted gross income, plus USD100. Therefore, an investor with an income of
USD100,000 who lost USD1m would - theoretically - be able to deduct USD989,900.
Also, because of the nature of the loss, taxpayers affected by the scam are
entitled to claim an 'ordinary' (as opposed to a 'capital') loss deduction under
section 165 of the US tax code, and therefore carry back unused losses by three years
(as opposed to two). They can also carry forward unused losses to the next 20 tax
years.
Whether the Internal Revenue Service would allow such a claim is another matter
entirely. At the very least, taxpayers seeking such deductions, and especially
those adjusting previous tax returns, can expect an IRS audit for their troubles.
"These victims of investment fraud may qualify for a little known tax
break that until now, not many people have been eligible for," said Michael
Rozbruch, founder and CEO of Tax Resolution Services. However, he warned that:
"To recover your losses, you will need to go back and amend your tax returns,
which means you will inevitably be audited." Rozbruch added that professional
advice is essential for taxpayers in such scenarios.
Given the current economic climate and the likelihood of falling tax revenues
in the year ahead, the IRS, which could face tax revenue losses in the billions
of dollars (as much as USD17bn according to one estimate), is unlikely to want
to become an unwitting victim of the Madoff scandal too. Therefore, it remains
questionable at present whether the agency would uphold such substantial theft
loss claims.
Since the December 11 arrest of the seventy-year-old Madoff, the list of companies
and individuals facing steep financial losses based on their dealings with Madoff
and companies affiliated with or controlled by him has grown to include individuals
and institutions across the United States. In addition, Madoff's fund obtained
money from some of Europe's largest banks, including institutions in the United
Kingdom, Spain, France and Italy, and their clients.
"If this were a traditional bank robbery, the eyewitness reports would
say that Madoff walked out with billions of dollars as someone held the door
open for him," says Jeffrey Zwerling, a founding partner of Zwerling, Schachter
and Zwerling, which has been retained by individuals and entities allegedly
duped by Madoff.
"If it's true, it's just amazing in terms of the audacity, if nothing
else," Zwerling observed.
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