Tax break for the bamboozled? State eyes Ponzi loss carryback

An Idaho senator says people who have lost money in fraudulent investment schemes should be able to write off more of their state income taxes.
FEB 19, 2010
An Idaho senator says people who have lost money in fraudulent investment schemes should be able to write off more of their state income taxes. Rexburg Republican Senator Brent Hill told the House Revenue and Taxation Committee Monday that Idahoans who trusted dishonest financial managers deserve a tax break. Ponzi scheme victims can now write off income taxes in the year losses are incurred. But Hill wants people who lose more than they make in a certain year to be allowed to subtract losses from income earned in previous years. He says help like that would allow them to recoup income tax already paid. Hill estimates a few dozen Idaho investors have been affected by Ponzi schemes since 2008. If approved, Hill says the state would lose between $500,000 and $1 million in annual tax revenue. The committee unanimously voted to introduce the bill.

Latest News

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline