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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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We short sold our home in 2014 and were concerned with the repercussions from the cancelled debt. We did a lot of research on the internet and were able to find Gary.  He provided a free consultation and let us know that we should be do.  Due to his expertise, we went from thinking that we would owe a significant amount of money to actually receiving a nice refund.

We would recommend Gary to anyone who finds themselves in a similar situation.  He’s very knowledgeable on the process and explains everything with you once he’s completed your tax forms.

Adam and Robin McNany

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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Ponzi Scheme CPA discusses Investment Fraud tax deduction through Form 4684 Part II, Casualties and Thefts

Form 4684 Part II, Casualties and Thefts

It’s always better to use Form 4684 Part II, Casualties and Thefts, for  investment fraud loss. I offer a free phone consult on Ponzi scheme cases. (910) 399-2705.

The public uses “Ponzi scheme” to describe all investment fraud. Most CPAs don’t see much of Ponzi scheme losses. I think our virtual office just draws a larger client base than a traditional brick and mortar CPA. I started receiving calls from potential clients, and tax preparers, the first day I posted on Form 4684 Part II, Casualties and Thefts. Sad but true. Clients tell me TurboTax and other tax programs don’t handle Part II, or need a manual workaround.

So what’s special about using Part II of IRS tax Form 4684, Casualties and Thefts?

It turns investment fraud losses into an ordinary income tax deduction. With more deduction and fewer restrictions. You can carry it forward to future tax years or amend prior tax returns to carry it back.

Schedule A, Casualty Loss: Line 20 has a 10% threshold and phases out as your adjusted gross income (for Form 1040) increases. An investment fraud CPA would only use line 20 of Schedule A if you don’t qualify for Form 4684 part II, Casualties and Thefts.

“One Client deducted 95% of over $225,00 of investment fraud loss through Form 4684 Part II, instead of nothing on Line 20 of Schedule A.”
– Gary Bode, Ponzi scheme CPA

Does IRS tax Form 4684, Casualties and Thefts, cover stock market losses?

No, stock market losses are capital losses and limited to $3000 a year.

What qualifies as an investment fraud loss on Form 4684 part II, Casualties and Thefts?

  • You expected to earn money with the investment.
  • You can prove fraud, generally through State of federal tax cases against the perpetrator.

I’m a Ponzi scheme CPA with a virtual office to help you turn investment fraud lemons into lemonade. I offer a free phone consult on investment fraud cases. (910) 399-2705.

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