by Fresh Start Tax | Jun 19, 2014 | Tax Help
Reporting Losses Resulting from Ponzi Schemes
We are a team of tax attorneys, certified public accountants, and former IRS agents that can help you file for and prepare your tax returns if you have been involved in any Ponzi scheme and need to take tax losses.
Revenue Procedure 2009-20 was posted on April 6, 2009.
This revenue procedure provides an optional safe harbor treatment for taxpayers that experienced losses in certain investment arrangements discovered to be criminally fraudulent.
It also describes how the Internal Revenue Service will treat a return that claims a deduction for such a loss and does not use the safe harbor treatment described in this revenue procedure.
Taxpayers claiming a loss are instructed to mark “Revenue Procedure 2009-20” at the top of the Form 4684.
The taxpayer must also sign and attach a statement as defined in Appendix A.
This requires signatures from the individual, corporation, or partnership.
A workaround for electronically filed TY2008 corporate or partnership returns has been posted.
The workaround provides guidance on how electronic filers may fulfill the requirements in Revenue Procedure 2009-20.
Taxpayers who electronically file Form 4684 with a TY2008 tax return claiming a loss as described in Rev Proc 2009-20 may fulfill the requirement to mark “Revenue Procedure 2009-20” at the top of the form 4684 by attaching a General Dependency and entering “Revenue Procedure 2009-20 on F4684” in the Description field.
Taxpayers may submit the required statement as defined in Appendix A of the Rev Proc, including the signature(s), as a PDF file. Name the PDF file “RevProc2009-20.pdf” and enter “Rev Proc 2009-20” in the Description field of the Binary Attachment.xsd file. Attach the PDF file to the electronic return.
by Fresh Start Tax | Jun 19, 2014 | Tax Help
Exemption Requirements – 501(c)(3) Organizations
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.
In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.
Organizations described in section 501(c)(3) are commonly referred to as charitable organizations.
Organizations described in section 501(c)(3), other than testing for public safety organizations, are eligible to receive tax-deductible contributions in accordance with Code section 170.
The organization must not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization’s net earnings may inure to the benefit of any private shareholder or individual.
If the organization engages in an excess benefit transaction with a person having substantial influence over the organization, an excise tax may be imposed on the person and any organization managers agreeing to the transaction.
Section 501(c)(3) organizations are restricted in how much political and legislative (lobbying) activities they may conduct.
For a detailed discussion, see Political and Lobbying Activities.
For more information about lobbying activities by charities, see the article Lobbying Issues; for more information about political activities of charities, see the FY-2002 CPE topic Election Year Issues.
by Fresh Start Tax | Jun 19, 2014 | Tax Help
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by Fresh Start Tax | Jun 19, 2014 | Tax Help
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by Fresh Start Tax | Jun 19, 2014 | Tax Help
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by Fresh Start Tax | Jun 18, 2014 | Tax Help
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