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More thoughts on IRS Madoff relief

March 18, 2009

Our initial thoughts on the IRS relief for Ponzi scheme victims seem to hold up after a days reflection. Tax Analysts notes ($link) some complaints that the guidance doesn't cover IRA and 401(k) plans victimized by Bernard Madoff, and that some taxpayers will have more losses than they can recover through NOL carrybacks. But most of the practitioners they quote are positive towards the guidance.

The TaxProf has a comprehensive roundup of coverage of the Madoff/Ponzi relief.

Tags: Madoff.NOL.Rev Proc 2009-20.theft losses.

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