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3-April-2020 at 12pm ET - Ponzi Scheme Theft Losses and the Repayment of Profits by Those Who Prospered (The Clawback) - Webinar (Course Id 1556)

QAS / Registry
Author : Richard S Lehman, Esq.
Status : Production
CPE Credits : 1.0
IRS Credits : 1
Price : $0.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1556

Description :

Investors in Ponzi Schemes that profit from those schemes are often called upon to return those profits after the Ponzi Scheme has collapsed, leaving certain investors who (1) have profited from the Ponzi Scheme;  and (2) those who have lost money in the Ponzi Schemes.

A trustee in bankruptcy is typically appointed, and the trustee can force the return of profits made by investors from the Ponzi Scheme.  These are “known as a Clawback”.  Profitable investors may also be called upon to return both their “profits and or their principal investments” that were returned to them. 

There is a unique section of the Internal Revenue Code that permits investors who are forced to make a pay back of profits, to be able to go back in time (even after the Statute of Limitations has run) and obtain refunds from closed years that may be much more valuable than a simple theft loss deduction.  Often refunds from the past are more than likely to have been taxed in much higher tax brackets.  These refunds of past profits often provide much higher returns than a simple current deduction.

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Advance Preparation : None.
Delivery Method : Group Internet Based
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 31-Jul-2019
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1556

Keywords : cpa, tax, accounting, services
Learning Objectives :

Course Learning Objectives

After this webinar you will be able to:
  • Explore the tax code section that allows taxpayers to recover tax refunds from taxable years that are normally not available under typical circumstances.
  • Identify the requirements of taking advantage of a little known tax code section.
  • Discover the procedures that investors who made money in fraudulent investment schemes must face years after the investment has crashed.
  • Recognize that there are alternative methods of recovery of taxes paid from a Clawback.
  • Learn that the Internal Revenue Code can lead to fairness at times.

Course Contents :

After this webinar you will be able to:

        Explore the tax code section that allows taxpayers to recover tax refunds from taxable years that are normally not available under typical circumstances.

        Identify the requirements of taking advantage of a little known tax code section.

        Discover the procedures that investors who made money in fraudulent investment schemes must face years after the investment has crashed.

        Recognize that there are alternative methods of recovery of taxes paid from a Clawback.

        Learn that the Internal Revenue Code can lead to fairness at times.

Home page: https://www.cpethink.com/cpa-webinar
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