Casualties, Thefts, and Ponzi Schemes


This presentation will focus on the tax implications of casualties, business and personal. There will be a clarification of the types of casualties that are tax-deductible and the exclusions that apply.

Attendees will be versed on acceptable substantiation, timing guidelines, and the reconstruction of lost records. There will be an in-depth description of how to handle the relatively new treatment of 'Ponzi scheme losses', now a part of the casualty program (Rev. Proc. 2009-14, 2009-20, 2011-58, 2011-50).

Learning Objectives

Upon conclusion of this course, students will be able to:

  • Identify what is a Casualty/Theft and what is NOT a Casualty/Theft
  • Identify the tax advantages to Presidential Declared Disaster Areas
  • Calculate a Casualty/Theft loss
  • Recognize a Ponzi Schemes and the IRS rules governing these situations
  • Identity Net Operating Losses from a Casualty/Theft loss
  • Identify the documentation and possible reconstruction of records in these disastrous situations

Designed For

Practicing CPAs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel
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