The following message and summary is provided by Andrew Lerman CPA, who has spent many months of tireless effort working with NIAP and the Congressman’s office in pursuit of futher tax relief for victims…
Congressman Bill Pascrell (NJ) announced yesterday his proposed legislation for additional tax relief to victims of Ponzi schemes. As soon as a bill number is assigned I will let you know. As many of you are aware, I have been working with the Congressman’s office since last summer to address additional tax relief to fraud victims. The Pascrell legislation is similar to the previously announced Schumer legislation but would propose expanding the loss carryback period to 10 years and expand the IRA relief to 60% of the loss with a $2 mil cap.
Click here for the Pascrell press release.
For those wanting to see the prior Schumer press release: Click here for the prior Schumer Press Release.
We will now need to begin the process of having people actively reach out to both House and Senate members asking for their support as well as asking for changes to expand the loss provisions to all retirement plans (not just IRA type plans).
Please understand that just because there is a House bill and a Senate Bill that this is a done deal. Far from it! Each of these bills will not stand on their own as a single piece of legislation and ultimately will need to be incorporated into a much bigger piece of legislation. This may be the pending estate tax overhaul or a bigger national tax overhaul bill slated for later in the year. Also, the bills will probably morph as they work through Congress with provisions hopefully being added and unfortunately some may be deleted. This is still a steep uphill climb. The goods news is that there is bi-partisan support for this tax relief. To get bi-partisanship on anything in 2010 is a miracle!
www.madoff-help.com in collaboration with NIAP – Network for Investor Action & Protection is forging ahead with a legislative agenda to address SIPA and IRC relief for fraud victims. Click here to Donate now.
Not a NIAP member? Click here to register (Membership is free).
Sourced from: Madoff Help News & Assistance
