theftlossdeduction.com

Los Angeles, CA, March 02, 2009 --(PR.com)-- A New York Congressman said Wednesday he has asked the Internal Revenue Service to provide tax relief to victims of disgraced financier Bernard L. Madoff’s alleged Ponzi scheme.

U.S. Representataive Gary Ackerman, said he has sent a letter to IRS Commissioner Douglas Shulman asking him to allow victims to claim a theft loss on their 2008 taxes, and amend their tax returns dating back to at least 1995.

In this Tax Relief, by claiming a theft loss investors would be eligible for a tax credit for money that Madoff allegedly stole from them in his ponzi scheme.

The Ponzi scheme that Madoff allegedly pulled involves paying an unusually high rate of return to investors partly out of new money coming in rather than wholly out of actual earnings. It is designed to fail, as the capital dwindles away over time, and in the alleged Madoff case this was presumably hastened by the market tanking. Had it not, he might have died before the alleged fraud came to light.

Where did the money go?
The money allegedly went to the investors, less of course enough to maintain Bernie Madoff in the lap of luxury, but what they thought was income was in fact being paid largely out of capital.

Since Madoff Securities allegedly made no investments with its clients' money, it would be appropriate for the IRS to issue a tax relief to Madoff's victims to both claim theft loss on their 2008 tax returns and amend their tax returns dating back to at least 1995.

Titan Tax Relief is working to assist customers who are alleged Madoff victims. Titan Tax Relief has the highest BBB rating amongst their competitors and they ensure that their customers get the help they need.

For those who have recently found out that they owe money to the IRS or have unpaid taxes, it is extremely important to work with the right company to guide you properly through each step of the process. Titan Tax Relief is a member of the Better Business Bureau with A rating. They have many satisfied customers and more are added to their list everyday.

Titan Tax Relief is one of the few companies that offers free tax consultation. To receive free tax consultation, go to: http://www.titantaxrelief.com/free_irs_ ... tation.cfm

Titan Tax Relief also offers Bank Levy and Wage Garnishment services. For Bank Levy visit http://www.banklevy.org and for Wage Garnishment visit http://www.fixwagegarnishment.com.

For further information about Titan Tax Relief visit http://www.titantaxrelief.com, or call them toll-free 800-498-9705.

I am retired and on a fixed income. I was unaware that I even owed until I got the letter from the State. I had not lived in that State for at least 4 years and did not even know if I had any records from that time. I now live with my oldest daughter and started to receive letters. Titan Tax Relief called the State, found out that they had all the information on my bank accounts and were about to levy them. My daughter helped me hire Titan Tax Relief and get the whole matter resolved. I was scared of the State at first because my Social Security check is direct deposited into my account. You came just in time. When got my case resolved and sorted out what I really owed, I was so relieved. I am on a payment plan to pay the actual amount and feel grateful that you helped me. My daughter and her family have their own issues and did not have the time to help me on this especially that the State pursuing me was 2 time zones away. Thanks for all my help and I hope you keep doing what you are doing for a long time. People like me need your help.

Colin Bailey
Muskogee, OK

Estimated Tax - How much do I pay for estimated tax if I expect to make a lot less than the year previous? Hello, I have made quite a bit less than expected and am not sure whether or not I will owe any taxes after the standard deduction... How much should I pay for estimated tax? If I overpay in estimated tax, what happens?

kereniya wrote:New York HotelsHotels New York
Estimated Tax - How much do I pay for estimated tax if I expect to make a lot less than the year previous? Hello, I have made quite a bit less than expected and am not sure whether or not I will owe any taxes after the standard deduction... How much should I pay for estimated tax? If I overpay in estimated tax, what happens?

Well if it is anything like CA taxes, you will get a refund. It is much better than underpaying and having to pay penalties!