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Titan Tax Relief Supports New York Congressman Who is Putting Pressure on the IRS to Offer Tax Relief to Alleged Madoff Victims


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.

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_tax_relief_consultation.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.

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Contact Information
Titan Tax Relief
Art Ramirez
800-498-9705
Contact
www.titantaxrelief.com

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