BOCA RATON, Fla. -- Richard Lehman is a former IRS senior attorney who practices tax law in Boca Raton.
He said he has counseled a number of Bernie Madoff victims throughout the country.
Lehman said that taking away the charities and profit-sharing plans that were associated with Madoff, the federal government made out pretty good when it was time for people to pay their taxes.
"Take $30 billion in false profits over the last 15 to 20 years, all in the roughly 35 percent tax bracket, Uncle Sam made $10 billion," Lehman said. "Because it's taxes that they paid on income that was never there that Uncle Same should have never gotten paid on in the first place."
Lehman said Madoff victims could recover up to 30 to 50 percent of their losses with the help of a tax attorney, an accountant and a litigation attorney.
He said the victims have to approach it in a professional manner and it could pay off with the right help and advice.