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Webmaster's Message
Hello!
This month we have 3 short articles on the topic of fraud prompted by the recent news reports about the Madoff scandal.
The first article deals with the IRS's IRC Section 165(c)(2), the 2nd article is a commentary on where we can go from here,
and the final article highlights that Madoff was and is not the only problem out there.
Next month we are going to look at office productivity tools, products, and procedures. We have found that our authors are
not the only ones out there with informative, relevant, and timely information. If you have a short article (500 to 750 words)
you think might be interesting to fellow CPAs, CFPs, EAs, business people, entrepreneurs, etc. get it to us by February 15, 2009
and you may get published!
We appreciate your business and please feel free to call or Email if you have any questions.
Tad Stephens -
Webmaster, Cpethink.com
888-273-0273
Email
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Our newsletter next month is looking for a sponsor.
If you would like to see your company name, favorite charity, or other worthy organization in this space send us an
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Articles and Information
(Don't miss the last article on a fraud bigger than Madoff's !)
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What Fraud Victims Need to Know About Claiming Theft Loss Deductions under Section 165: Be Prepared to be Audited
Thanks to the IRS tax code, there's a mini bail out in the works for the growing list of investors allegedly defrauded by Bernie Madoff's $50 billion scheme.
Victims of investment fraud turning to Uncle Sam for relief should be ready to face increased IRS scrutiny.
Many charities and banking institutions, as well as high profile, high net worth individuals like Steven Spielberg, Kevin Bacon and Jeffrey Katzenberger have
lost billions of dollars in what experts are calling the biggest Ponzi schemes in the history of Wall Street. Some victims claim to have lost everything,
like Eric Roth, the screenwriter behind "The Curious Case of Benjamin Button," who told the Los Angeles Times that he feels like, "the biggest sucker who
ever walked the face of the Earth."
Read the full article...
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A Great Weight On Our Shoulders
As a Texas CPA, I have to earn six hours of ethics education to maintain my license. My ethics instructor, David Holt, said during class that CPAs are the only
profession that can save this country. Our ultimate responsibility is to the public while other professions view their ultimate customer their client - a.k.a. the
one who pays them. We are Certified PUBLIC Accountants, after all.
My initial reaction to David's statement was, "If we are the saviors of this country, we are all in for a world of hurt." If auditors, who are CPAs , are holding
the United States on our shoulders - forget it! We are as good as dead.
As a self-employed person, I have significant selfish and mercenary tendencies. These tendencies are some of my best business survival skills. But I am afraid
we are facing a crisis in this country that can only be helped by considering how our choices affect the community as a whole instead of just our own family and business.
Read the full article...
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Beware Increasing Health Insurance Scams
The year 2008 saw more than its fair share of economic problems including a mortgage meltdown, severely declining home and stock market values, the closure of many
long-established businesses, massive layoffs, and the exposure of one of the largest investment frauds ever perpetrated by an individual. That the individual was a
former NASDAQ stock exchange chairman only served to make the fraud seem more systemic.
However, a fraud that dwarfs the Bernie Madoff estimated $50 billion Ponzi scheme has been going on for years and is likely to become more prevalent as individuals and families
try to cope with reduced incomes and depleted resources in this recessionary economy: health insurance fraud. A BusinessWeek article entitled "It's Enough To Make You Sick"
reported that healthcare fraud cost $54 billion in 2003 alone and was expected to grow annually by at least 3 percent. A 2008 Forbes.com article reports that "insurance
regulators have been wrestling with what looks like a new wave in health-care scams."
Read the full article...
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