Bernard Madoff Tax Loss (WEALTH & WISDOM PART 1)
Posted On : January 29/2009
Played : 108 Times
Tagged as : Bernard Madoff, Wealth & Wisdom, Richard Lehman, Steven Katzman, Tax Loss, Ponzi
Description : The first in an informative 8-PART SERIES (aired January 16, 2009) A focus on taxation, litigation and The Bernie Madoff Theft . Featuring prominent Palm Beach County attorneys: Steven M. Katzman & Richard S. Lehman

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"WEALTH & WISDOM" on WXEL/Channel 42 - PBS Station WXEL--
The first in an informative 8-PART SERIES (aired January 16, 2009)
A focus on taxation, litigation and The Bernie Madoff Theft.
Featuring prominent Palm Beach County attorneys: Steven M. Katzman & Richard S. Lehman

This audio is from the first TV episode of an 8-part tax recovery advice series on the Bernard Madoff Ponzi scheme by Richard Lehman, one of the country's leading U.S. tax  law experts, is now available at www.bernardmadofftaxloss.com.

"Victims of the Bernard Madoff case must shift their focus to aggressively pursue tax recovery options that can earn them a higher percentage of return and a quicker path to recovery than they can achieve through litigation," said Lehman, a prominent tax attorney in Palm Beach County, Florida and former IRS senior attorney. "The IRS acknowledges Ponzi schemes as 'theft losses,' and there are several methods of tax recovery available."

Per Lehman, investors can recoup 35- to 50-percent of their total losses by pursuing three avenues of tax recovery: theft loss, capital return and phantom income. However, Lehman warns that two common mistakes in the tax recovery process - failure to deduct tax losses in the proper year and entering into premature settlements - could limit how much of their money investors will see again.

Considering the difficulty of pursuing claims against Madoff, tax recovery may be one of the more viable options for investors. For instance:

. Legal and financial experts now expect investors to recoup less than 10 cents on the dollar through traditional recovery efforts.

. In other financial misdeeds that involve corporations, defrauded investors are able to pursue recovery against real businesses and tangible assets. However, in the current situation, Madoff's business has a much smaller value, with little to no tangible assets to seize. The liquidation of Madoff's personal assets and the accounts tied to his investment firm will provide some relief, but not much: the trustee handling the firm's liquidation has only identified $830 million that is subject to recovery.

. The Securities Investor Protection Corporation (SIPC) may also pay up to $500,000 to Madoff's victims, but this option may not be available for third-party investors. Add to this recent concerns that the SIPC does not have the funds available to pay the maximum recovery value to all 8,000 investors that were sent claim forms in early January.

For more information or to watch Richard Lehman's tax recovery video, please visit http://www.bernardmadofftaxloss.com  or call: 561-477-7774 or 561-368-1113

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