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
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