New York State Will Allow Ponzi Scheme Victims To Write Off Losses On Their Tax Returns
According to newsday.com, many Ponzi Scheme victims will now be able to write off their financial losses under their state itemized tax deductions. New York will allow victims to claim such loses as a “theft” deduction. New York State is merely following the Internal Revenue Service’s (IRS) lead. In March, the IRS issued a statement saying…