Pompano Beach, Florida November 13, 2009 (Marketwire)

Victims of investment fraud have a tax recovery option under IRC Section 165(c)(2) which is an often overlooked provision from the IRS. The recent multi-million dollar fraud scheme which resulted in the arrest of Fort Lauderdale attorney, Scott Rothstein, is an example of victimized investors who may have a potential theft loss deduction under IRC Section 165(c)(2). Fresh Start Tax founder, Mike Sullivan comments, “Substantial declines in the stock market will often expose ponzi schemes when the perpetrator cannot meet investor redemption requests.” The fraud victims of the more notable Bernard Madoff and Stanford Financial Group ponzi schemes should also consider whether IRC Section 165(c)(2) provides a viable tax recovery option.

The recovery of taxes paid to the IRS over the prior three years, through a theft loss deduction under IRC Section 165(xx) requires the coordinated effort of experienced tax and legal professionals. Fresh Start Tax coordinates the efforts of their tax and legal experts to help navigate this unique tax recovery option which is available only to victims of investment fraud. Investment fraud tax deductions may apply to investors with losses from ponzi schemes, viatical settlements, direct business investments, and securities fraud.

Fresh Start Tax professionals consider various factors to analyze the potential benefits of an IRC Section 165(c)(2) filing, including:

  • Whether the loss is the result of a theft, as defined in the state of residence;
  • Whether the taxpayer was the target of a scheme to commit investment fraud;
  • What amount of the loss has been and/or expected to be recovered;
  • When the theft discovered, and;Taxes paid three years prior to theft loss.

Upon acceptance of your tax matter, Fresh Start Tax will amend your tax returns for the prior three years and accelerate the recognition of your theft loss tax deduction under IRC Section 165(c)(2).

Fresh Start Tax professionals with over 205 years of combined tax experience can help you recover taxes you paid under IRC Section 165(c)(2). To determine whether your situation would qualify, call (866) 657-9621 and speak to a tax professional.

Steven F. Jacob, CPA
Susan Moss E.A.
Michael D. Sullivan

3696 N. Federal Highway
Suite 301
Fort Lauderdale, Florida 33308

Fax: 954-938-0069

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