Miami, Florida (PressExposure) December 30, 2008 -- Miami â December 26, 2008 â Morrison, Brown, Argiz & Farra, LLP (MBAF), the largest independent CPA firm in Florida and the 43rd in the nation, has formed a special task force to examine the income tax ramifications to clients and investors who participated directly or indirectly with Bernard Madoff entities.
Members of the task force, comprised of a network of MBAF tax specialists, are working to assist clients and investors in the potential recovery of tax dollars related to the Bernard Madoff case.
These refunds may be as a result of dollars expended for erroneously reported income in prior years, or to receive a deduction for principal losses in the current year.
The formation of this special task force is a proactive move to quickly identify and immediately assist investors in reclaiming their losses from this Bernard Madoff fraud case.
âMBAF made the decision to form this task force partially as a result of the substantial amount of calls our accountants have been receiving in recent days from attorneys, bankers and investors adversely affected by this Bernard Madoff schemeâ said MBAF Managing Partner Tony Argiz.
Areas of focus include timing and ability to take principal losses as an ordinary deduction, filing of protective elections to maintain open tax years so that amended returns may be filed, and addressing carry back and carry over issues that affect prior and subsequent periods.
The task force plans to work with legal counsel that represent Bernard Madoff victims with potential Securities Investment Protection Corporation (SIPC) filings, assessment of damages and defense of distributed proceeds received in prior years that regulatory agencies may attempt to reclaim.
If you would like to contact our firm to discuss your particular matter, please call Marjorie Horwin, CPA, 561 909-2100 (Palm Beach and Broward), Miguel G. Farra, CPA, JD, or Tony Argiz, Managing Partner, 305 373-5500, (Miami-Dade) or for more information on MBAF, please visit http://www.mbafcpa.com.