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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures
*Ponzi Schemes--Bernie Madoff and others have been accused of swindling investors out of their hard-earned dollars. Now a new IRS ruling says you can deduct such losses as a theft loss rather than a capital loss. The loss is deductible in the year it is discovered without applying the usual limits. Normally, casualty and theft losses must be reduced by $100 per event ($500 in 2009) and are subject to a 10%-of-AGI floor.
*Business Ethics--Do you make ethical business decisions? Try writing a short news article about the actions you take. Do not worry about the quality of the writing as much as stating the facts. Then review the article a week later. Determine if you would be comfortable if it ran in a local newspaper and friends and family saw it. This can help you set your moral compass at work.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
