Tax Relief - NY Congressman Pressures IRS for Tax Relief to Madoff Victims

Carlsbad, CA (PressExposure) April 20, 2009 -- A New York Congressman said Wednesday he has asked the Internal Revenue Service to provide tax relief to victims of disgraced financier Bernard L. Madoff's alleged Ponzi scheme.

U.S. Representative Gary Ackerman, said he has sent a letter to IRS Commissioner Douglas Shulman asking him to allow victims to claim a theft loss on their 2008 taxes, and amend their tax returns dating back to at least 1995.

In this Tax Relief, by claiming a theft loss investors would be eligible for a tax credit for money that Madoff allegedly stole from them in his ponzi scheme.

The Ponzi scheme that Madoff allegedly pulled involves paying an unusually high rate of return to investors partly out of new money coming in rather than wholly out of actual earnings. It is designed to fail, as the capital dwindles away over time, and in the alleged Madoff case this was presumably hastened by the market tanking. Had it not, he might have died before the alleged fraud came to light.

Where did the money go? The money allegedly went to the investors, less of course enough to maintain Bernie Madoff in the lap of luxury, but what they thought was income was in fact being paid largely out of capital.

Since Madoff Securities allegedly made no investments with its clients' money, it would be appropriate for the IRS to issue a tax relief to Madoff's victims to both claim theft loss on their 2008 tax returns and amend their tax returns dating back to at least 1995.

Titan Tax Relief is working to assist customers who are alleged Madoff victims. Titan Tax Relief has the highest BBB rating amongst their competitors and they ensure that their customers get the help they need.

About Titan Tax Relief For those who have recently found out that they owe money to the IRS or have unpaid taxes, it is extremely important to work with the right company to guide you properly through each step of the process. Titan Tax Relief is a member of the Better Business Bureau with A rating. They have many satisfied customers and more are added to their list everyday.

Titan Tax Relief is one of the few companies that offers free tax consultation. To receive free tax consultation, go to: irs deb relief free consultation form

Titan Tax Relief also offers Bank Levy and Wage Garnishment services. For Bank Levy visit and for Wage Garnishment visit [].

For further information about Titan Tax Relief visit [], or call them toll-free 800-498-9705. Titan Tax Relief also hosts one of the biggest tax relief glossaries on the web which is sponsored by Property management NC development group, and loan modification experts The most comprehensive tax glossary and news is located at: [].

About Titan Tax Relief

Titan tax Relief

Press Release Source:

Press Release Submitted On: April 18, 2009 at 5:39 am
This article has been viewed 11773 time(s).