Federal Tax Update: IRS Guidance on When a Scam Generates a Theft Deduction

https://vimeo.com/1066386320?share=copy#t=0

https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/16/2025-03-17-irs-guidance-on-when-a-scam-generates-a-theft-deduction

This week we look at:

• Tax Court Finds Taxpayer Failed to Provide a Qualified Appraisal, No Charitable Deduction Allowed
• Estate Found Liable for $2 Million FBAR Penalty That Applied to the Decedent
• Taxpayers Filing Court Challenges to Attempt to Obtain Employee Retention Tax Credits
• Fourth Circuit Overturns Trial Court’s Grant of Summary Judgment to the Government, Finding True Issue of Fact Exists Regarding Whether Statute Remained Open
• IRS Memorandum Discusses When a Taxpayer Can Claim a Deduction as Victims of Various Scams Under Current Law