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SMH: Lil Durk Denied Bond Again Before His Trial

SMH: Lil Durk Denied Bond Again Before His Trial

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Lil Durk has been denied bond again as he waits for his upcoming murder-for-hire trial.
The rapper, whose real name is Durk Banks, went back to court on Thursday, May 8, hoping the judge would let him out on bond, but things didn't go his way.
Durk's legal team argued that the whole case should be thrown out, or at least that he should be released, because the prosecutors used fake evidence. They said the grand jury was shown Durk's lyrics and fan-made social media posts, which they believe unfairly painted him as guilty. Still, the judge wasn't convinced and decided Durk would stay locked up until his trial.
Durk's team came with a serious bond package: $1 million in cash, $900,000 in real estate, support from other people willing to put up money, plus a promise that Durk would be on house arrest with 24/7 security watching him. But even with all that, the court said no. Now, Durk will stay in the Los Angeles Metropolitan Detention Center until his trial starts. The trial was supposed to begin in January but got pushed back to October 14. It's a tough break for the rapper, who has stayed quiet about the case publicly but continues to say he's innocent.
Even behind bars, Durk has stayed active in music. Earlier this year, he dropped a new album called Deep Thoughts, giving fans a raw look into his mindset during this difficult time.
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SMH: Lil Durk Denied Bond Again Before His Trial was originally published on hiphopwired.com
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Tax Breaks: The Scammers And Schemers Are Upping Their Fraud Game Edition
Tax Breaks: The Scammers And Schemers Are Upping Their Fraud Game Edition

Forbes

time18 hours ago

  • Forbes

Tax Breaks: The Scammers And Schemers Are Upping Their Fraud Game Edition

Scams are becoming more sophisticated. getty What could be worse than getting scammed? Getting scammed twice. The FBI is warning about a new scam involving fraudsters posing as lawyers representing fictitious law firms. Using social media or other messaging platforms, scammers offer their services, claiming to have authority to investigate fund recovery cases. To verify the contact, the "lawyers" say they are working with, or have received information on, the scam victim's case from the FBI, Consumer Financial Protection Bureau (CFPB), or other government agency. In some cases, scam victims have reached out to fraudsters on fake websites, which look legitimate, in hopes of recovering their funds. Then, they ask for payment or additional personally identifiable information that can be used to trick victims a second time. The FBI urges folks to be cautious and remember the common fraud prevention refrain—if in doubt, assume it's a scam. It's true that scams are increasingly becoming more sophisticated and widespread. Nasdaq's Global Financial Crime Report estimates that scams and fraud added up to $485.6 billion per year in projected losses with U.S. victims taking a beating: the U.S. ranks second globally for major fraud losses. So, what's driving the upticks? A recent survey conducted by BioCatch, a global company focused on solving digital identity challenges through examining behavioral biometrics, aimed to offer clarity. One of the reasons may be that while U.S. banks may trust technology, they don't trust each other—there's no meaningful sharing of information. That's a break from behaviors abroad where statistics suggest that when banks in other countries share at scale, their losses are decreasing. (Part of the reluctance to share information may come from consumers. While 32% of those surveyed in the U.S. consider data privacy regulation as one of the main inhibitors to sharing data with other banks, 30% worry about the potential for misuse. These numbers are higher than global averages.) As scammers develop new schemes to steal money and information from consumers, the commitment to fraud prevention must evolve even faster. Understanding what kinds of scams are spreading and how they operate, as well as the roles that consumers, law enforcement, and financial institutions can play in mitigation and prevention, are all key. That means that education will continue to be a big part in stopping scammers. In another scam, the fraudster (aware of U.S. retirement accounts and rollover rules) nudges the individual to withdraw retirement funds for purposes of making an investment. The selling point from the scammer is that the investor can transfer the funds back to a retirement account tax-free within the applicable 60-day window for retirement account rollovers. Unfortunately, in many instances, the criminal takes the funds and disappears, leaving the victim with a huge loss and even more massive tax headache. The IRS has granted extensions of the 60-day rollover period where taxpayers were the victims of fraudulent schemes. However, taxpayers interested in requesting relief through a private letter ruling (PLR) should recognize the request is not an easy one, requiring the taxpayer to submit a litany of information to the agency to review whether the taxpayer satisfies the 'equity and good conscience' exception. Taxpayers who have withdrawn funds from retirement accounts due to fraud sometimes have options under the federal income tax laws–if you find yourself in that unfortunate situation, talk to a tax professional. Retirement account laws can be notoriously difficult to navigate at the best of times, but for the millions of former U.S. persons living abroad, understanding the tax implications of U.S. retirement accounts is critical. That's because IRAs, Roths, and SEPs remain tethered to U.S. tax rules long after you give up U.S. status. Withholding taxes, U.S. estate tax exposure and the harsh 'covered expatriate' tax regime are often overlooked until the time for planning has passed. U.S. citizens and green card holders who are contemplating giving up U.S. status need to be proactive in their tax planning to preserve hard-earned wealth–understanding the tax treatment of retirement accounts can help avoid unintended tax consequences. And that's a wrap on tax news for this week–but keep reading for more good stuff, including our fraud-focused tax trivia question. Enjoy your weekend, Kelly Phillips Erb (Senior Writer, Tax) Questions Does it cost money to e-file? getty This week, a reader asks: My tax preparer told me that the IRS charges a fee for e-filing. Is that true? No, that's not true. The IRS doesn't charge a fee for e-filing your federal income tax return. That doesn't mean that it won't cost you extra. Many online tax preparation software programs like TurboTax or TaxAct may charge you a fee to e-file, depending on the type of software you use and the complexity of your tax returns (simple returns may be filed for free). Your tax preparer may be charged a fee by a processor, which they may opt to pass along to you either as a stand-alone cost or as part of the overall cost of your tax return. However, the IRS does not charge your tax preparer a fee for e-filing. If you're looking for fully free e-filing options, you can use IRS Free File or Direct File. Free File is an existing program offered as part of a public-private partnership between the IRS and Free File Inc., formerly the Free File Alliance. Through this partnership, tax preparation and filing software providers make their online products available to eligible taxpayers. That means that you can prepare and e-file your federal taxes for free. Direct File also allows eligible taxpayers to file taxes directly with the IRS online for free. With Direct File, some of your information, like your employment and wage information from your Form W-2 (if it's available), can be transferred directly to your tax return. You can also get access live support from IRS staff, Monday - Friday, 9 a.m. to 3:30 p.m. Eastern time. But that option won't be around for long—the controversial program is expected to be eliminated after this year. Do you have a tax question that you think we should cover in the next newsletter? We'd love to help if we can. Check out our guidelines and submit a question here. Statistics, Charts, and Graphs Over the past few years, the IRS has worked to improve access and availability of taxpayer services. As part of these efforts, the agency installed stand-alone booths—called kiosks—in Taxpayer Assistance Centers (TACs) beginning in 2011. The services available from the kiosks, which are supposed to be connected to a computer, are the same as those that you'd normally see on the IRS website. These kinds of services may not normally be easily available to taxpayers in rural and underserved communities since taxpayers in these communities may not have access to a computer, printer, or the internet at home. The kiosks would be a great idea—if they worked. In April 2024, TIGTA found that the IRS had 100 kiosks located at 37 TACs. Of those, only 55 kiosks were operational. Of the remaining kiosks, 40 were inoperable, and the status of five was unknown. Additionally, TAC managers at 11 locations reported that the kiosks were not connected to a working printer, which prevented taxpayers from printing tax forms or other documents. When a kiosk becomes inoperable or encounters issues that cannot be resolved with basic troubleshooting, the TAC manager submits a service ticket to the third-party contractor. And then… they wait. TIGTA found that the time needed to close service tickets ranged from 30 days or less to 463 days (most took between 151-365 days to resolve), while 24 tickets were open (meaning the contractor did not perform work on these tickets). How long do third-party service tickets stay open at IRS? Kelly Phillips Erb After those findings were revealed last year, the IRS indicated the plan was to work with the existing contractor to make the kiosks operational by December 31, 2024. However, in January 2025, TIGTA visited eight TACs with inoperable kiosks and found the machines were still not working. When TIGTA brought those concerns to the agency, the IRS said it was discontinuing the kiosk program. According to TIGTA, 'While we support the IRS's decision to discontinue the current kiosk program, we believe that offering taxpayers a self-service option could be beneficial as the IRS reduces and restructures its workforce.' (The IRS workforce dropped from 103,000 employees in January 2025 to approximately 77,000 in May 2025, a 25% reduction.) In response, TIGTA recommended that the IRS perform a study to determine whether a new kiosk program that uses updated technology or deploys laptops to TACs would provide effective and efficient self-service options to taxpayers. IRS management agreed with the recommendation and indicated that it will assess the potential benefits and challenges of introducing a new program designed to offer modern self-assistive solutions for taxpayers. A Deeper Dive State and local taxes (SALT) are hot right now. getty State and local taxes (SALT) are hot right now–it's no wonder that tax controversy firm Kostelanetz recently included it in a list of tax practice areas keeping them busy. State and local governments are feeling stretched in the current economic climate, and rather than ride the coattails of federal audits, they are increasingly digging in on their own investigations to raise revenues. According to Kostelanetz partner Caroline Ciraolo, that may be made easier by an infusion of talent—as the federal government workforce and some private sector jobs shrink, state and local governments are seizing the opportunity to pick up those employees. The growth in SALT tax law may be helped along by the One Big Beautiful Bill Act (OBBBA). The SALT cap featured prominently in discussions before the law was passed. The House SALT Caucus originally pushed for the cap to be increased from $10,000 to $40,000, but Senate Republicans were concerned with the overall cost of the bill, and advocated for keeping the cap at $10,000 and using it as a pay-for to offset other tax cuts. The result is that the SALT cap was raised to $40,000 for single and joint filers. The deduction phases out for filers with modified adjusted gross income (MAGI) above $500,000 ($250,000 for married couples filing separately), and reverts to $10,000 for incomes of $600,000 and above. The deduction and the phase-out levels will increase by 1% a year until 2029, when the cap reverts back to the original $10,000. And, under OBBBA, passthrough entities (PTE) that were taking advantage of the states' workaround are still able to do that–those workarounds allow PTE owners to sidestep the cap. However, in a recent case, the U.S. Court of Appeals for the Second Circuit rejected arguments by several states who challenged updated regulations that would prohibit many of the SALT workarounds passed in the wake of the Tax Cuts and Jobs Act. The quintessential example of these workarounds was the creation of a state charitable fund (or a local version of the same), which could accept payments from residents, who would then receive a state or local tax credit. In 2018, the IRS issued proposed rulemaking to disallow the charitable-deduction workaround. In essence, the proposed rule required that taxpayers would have to reduce their federal charitable deduction for the amount of any state or local tax credit received 'in consideration for the taxpayer's payment or transfer.' The final rule made some tweaks, and the states launched a legal challenge. On appeal, the Second Circuit had to address several issues in addition to the substantive tax merits, including an allegation that the Final Rule was contrary to §170 of the tax code. The crux of §170 as it applies to charitable contributions is that the taxpayer cannot receive a quid pro quo—because, if so, then the payment does not really represent a contribution or a gift. In other words, to the extent a taxpayer receives a benefit that is commensurate with the payment, it really isn't a gift. The Second Circuit reasoned, among other things, that the argument from the states misstates the quid pro quo principle (meaning that it was not the taxpayer's desire to claim the § 170 deduction that was disqualifying, but rather it was the receipt of the state tax credit). The result? The Second Circuit sided with the federal government, finding that the Final Rule was neither arbitrary nor capricious. Tax Filings And Deadlines 📅 September 15, 2025. Third quarter estimated payments due for individual taxpayers. 📅 September 30, 2025. Due date for individuals and businesses impacted by recent terrorist attacks in Israel. 📅 October 15, 2025. Due date for individuals and businesses affected by wildfires and straight-line winds in southern California that began on January 7, 2025. 📅 November 3, 2025. Due date for individuals and businesses affected by storms in Arkansas and Tennessee that began on April 2, 2025. Tax Conferences And Events 📅 August 26-September 16 (various dates), 2025. IRS Nationwide Tax Forum in New Orleans, Orlando, Baltimore and San Diego. Registration required (discounts available for some partner groups). 📅 September 17-18, 2025. National Association of Tax Professionals Las Vegas Tax Forum. Paris Hotel, Las Vegas, Nevada. Registration required. 📅 Sept. 26-27, 2025. National Association of Tax Professionals Philadelphia Tax Forum. Sheraton Philadelphia Downtown, Philadelphia, Pennsylvania. Registration required. Trivia NEW YORK - JANUARY 5: Bernard Madoff (C) walks out from Federal Court after a bail hearing in Manhattan January 5, 2009 in New York City. (Photo by) Getty Images The Bernie Madoff scandal is considered the biggest Ponzi scheme in history. After he pleaded guilty to fraud charges, how long was his prison sentence? (A) 25 years (B) 50 years (C) 100 years (D) 150 years Find the answer at the bottom of this newsletter. Positions And Guidance The IRS Identity Protection PINs, also referred to as IP PINs, are a critical defense tool against identity thieves. As part of its Security Summit, the IRS encourages taxpayers to enroll in the IP PIN program. There are no new stimulus checks from the IRS. Several news outlets have picked up an outdated story about stimulus checks to suggest that "new" checks are coming from the IRS. Those news stories are confusing the timeline for the older stimulus checks. Earlier this year, the IRS mailed checks to those who missed the RRC in 2021 (returns filed in 2022, for stimulus checks related to COVID). It wasn't new—it was intended to help folks who failed to get their stimulus check in 2021 or 2022. If you didn't get one then, and the IRS didn't catch it, you could have filed to claim it, but that window closed months ago, in April. (FWIW, the IRS confirmed that most taxpayers received their check). Noteworthy Atlanta-based law firm Wiggam Law has added Mark Mesler as senior counsel. Mesler brings experience in tax controversy, IRS practice and procedure and high-stakes tax resolution for corporations and high-net-worth individuals. Loeb & Loeb has announced the arrival of Natan Leyva to the firm's Washington, DC office. Leyva advises on domestic and international matters, including M&A, financing and capital markets transactions, with deep experience in U.S. federal tax rules governing international and cross-border deals. KPMG LLP announced its next national line of business and sector leaders. The newly named line of business leaders include Manish Madhavani (Financial Services), Chris Marston (Government & Healthcare), Dave Neuenhaus (Asset Management & Private Equity, Heather Rice, (Products) and Chad Seiler (Technology, Media and Telecom). The national sector leaders are Frank Albarella (Media & Telecommunications), Drew Corrigan (Healthcare), Todd Fowler (Energy, Natural Resources and Chemicals), Andy Gottschalk (State, Local and Education), Brian Higgins (Industrial Manufacturing), Cecil Mak (Technology), Kristin Ciriello Pothier (Life Sciences), Duleep Rodrigo (Consumer & Retail), Yesenia Scheker-Izquierdo (Asset Management), Peter Torrente (Banking & Capital Markets), Sean Vicente (Insurance) and Don Zambarano (Private Equity). Detroit City FC's new stadium will pay property taxes, according to the club's CEO, Sean Mann. AlumniFi Field will be located at the corner of Michigan Avenue and 20th Street before the 2027 season begins. The $150 million stadium will seat 15,000 spectators. 'It's a true civic endeavor that puts our values into action in the most sizable way to date so far,' said Mann. 'And with that, I'm proud to say, this will also be the only privately owned, privately financed stadium in Detroit, meaning it's the only pro stadium that pays property taxes.' Detroit's other major sports stadiums, including Ford Field, are owned by local government agencies and are not required to pay property taxes. — If you have tax and accounting career or industry news, submit it for consideration here or email me directly. In Case You Missed It Here's what readers clicked through most often in the newsletter last week: You can find the entire newsletter here. Trivia Answer The answer is (D) 150 years. According to the FBI, Madoff started out as a legitimate market maker, matching potential buyers with stocks. When Madoff lost money, he created fake trades and profits to keep up the appearance that he was making money for his clients. The feds reported that at the height of the fraud, Madoff owned four homes, including a Manhattan penthouse and a home in the French Riviera. He also owned three yachts. When the markets fell, investors tried to withdraw $1.5 billion, but there was only $300 million in the bank. Eventually, the scheme unraveled and Madoff was arrested. He pleaded guilty and was convicted on March 12, 2009. On June 29, he was sentenced to 150 years in prison. He died in April 2021, just 12 years into the lengthy sentence, at the age of 82. Feedback How did we do? We'd love your feedback. If you have a suggestion for making the newsletter better, submit it here or email me directly

Today's Wordle #1519 Hints And Answer For Saturday, August 16th
Today's Wordle #1519 Hints And Answer For Saturday, August 16th

Forbes

timea day ago

  • Forbes

Today's Wordle #1519 Hints And Answer For Saturday, August 16th

How to solve today's Wordle. SOPA Images/LightRocket via Getty Images Saturday is here at last. Hooray for the weekend! The summer has been quite lovely these past few days, with some light monsoons here in the high mountain desert. Monsoons are the best, and I hope we get more of them because it's been ab it of a tease. If you're looking to end your fun in the sun with some good TV shows or movies, be sure to check out my weekend streaming guide with all the best current streaming options and theatrical releases. Let me know what you're watching, too! I'm always looking for recommendations. Alright, it's Wordle time! Looking for yesterday's Wordle? Check out hints, clues and the answer right here . Wordle is a daily word puzzle game where your goal is to guess a hidden five-letter word in six tries or fewer. After each guess, the game gives feedback to help you get closer to the answer: Green : The letter is in the word and in the correct spot. : The letter is in the word and in the correct spot. Yellow : The letter is in the word, but in the wrong spot. : The letter is in the word, but in the wrong spot. Gray: The letter is not in the word at all. Use these clues to narrow down your guesses. Every day brings a new word, and everyone around the world is trying to solve the same puzzle. Some Wordlers also play Competitive Wordle against friends, family, the Wordle Bot or even against me, your humble narrator. See rules for Competitive Wordle toward the end of this post. Wordle Bot's Starting Word: SLATE My Starting Word Today: STORE (35 words remaining) The Hint: Flat or dull finish. The Clue: This Wordle has a double letter. Okay, spoilers below! The answer is coming! . . . The Answer: Today's Wordle Screenshot: Erik Kain Wordle Analysis Every day I check Wordle Bot to help analyze my guessing game. You can check your Wordles with Wordle Bot right here . STORE was a very good opening guess, leaving me with a yellow box, a green box and 35 possible solutions. I opted for all new letters in my second guess, and CLAIM did the trick. There was just one possible solution remaining: MATTE for the win! Competitive Wordle Score Today's Wordle Bot Screenshot: Erik Kain The Bot and I each get 1 point for guessing in three and zero for tying, which leaves us with August totals of: Erik: 6 points Wordle Bot: 11 points How To Play Competitive Wordle Guessing in 1 is worth 3 points; guessing in 2 is worth 2 points; guessing in 3 is worth 1 point; guessing in 4 is worth 0 points; guessing in 5 is -1 points; guessing in 6 is -2 points and missing the Wordle is -3 points. If you beat your opponent you get 1 point. If you tie, you get 0 points. And if you lose to your opponent, you get -1 point. Add it up to get your score. Keep a daily running score or just play for a new score each day. Fridays are 2XP, meaning you double your points—positive or negative. You can keep a running tally or just play day-by-day. Enjoy! Today's Wordle Etymology "Matte" comes from French mat meaning 'dull, without luster,' which itself comes from Old French mat 'dejected, beaten,' from Vulgar Latin mattus 'mazy, sluggish' (possibly from Latin maddus 'moist, drunk') — the sense shifted to 'dull in color or finish' in art and photography. Be sure to follow me for all your daily puzzle-solving guides, TV show and movie reviews and more here on this blog!

FBI Warns Scam Victims To Be On The Lookout For Fake Law Firms Offering To Help Recover Losses
FBI Warns Scam Victims To Be On The Lookout For Fake Law Firms Offering To Help Recover Losses

Forbes

time2 days ago

  • Forbes

FBI Warns Scam Victims To Be On The Lookout For Fake Law Firms Offering To Help Recover Losses

Beware of fake lawyers who promise to help scam victims. getty Bad actors can take on all kinds of guises—including pretending to be lawyers. The FBI has been warning the public about a new scam involving fraudsters posing as lawyers representing fictitious law firms. With the scam showing no signs of slowing down, the FBI has updated its warning to share more details about how these fraudsters hope to steal your money—and your crypto. Scams are increasingly becoming more sophisticated and widespread. The FBI's Internet Crime Complaint Center (IC3) received 859,532 complaints in 2024, totaling $16.6 billion, a 33% increase from 2023—the lion's share of those complaints involved phishing and spoofing. In these common tricks, victims are tricked into providing personally identifying information or taking action. Increasingly, victims may be seeking to recover some of those losses. This is where a new scam comes in. Using social media or other messaging platforms, fraudsters may contact scam victims and offer their services, claiming to have the authority to investigate recovery cases. To verify the contact, the "lawyers" say they are working with, or have received information on, the scam victim's case from the FBI, Consumer Financial Protection Bureau (CFPB), or other government agency. In some cases, scam victims have reached out to fraudsters on fake websites, which look legitimate, in hopes of recovering their funds. As part of the scam, the fraudsters may request that victims verify their identities by providing personal identifying information or banking information to get their money back. They may also request that victims provide a judgment amount they are seeking from the initial fraudster or pay a portion of the initial fees up front, with the balance due when funds are recovered. Other traps may include asking victims to make payments for back taxes and other fees to recover their funds. As part of the scam, the fraudsters may reference actual financial institutions and money exchanges to build credibility and further their schemes. Between February 2023 and February 2024, cryptocurrency scam victims who were further exploited by fictitious law firms reported losses totaling over $9.9 million, according to the FBI Internet Crime Complaint Center (IC3). It's important to understand that once money has left your account, it's rare that it can be recovered if you don't act quickly. Law enforcement has indicated that the money may be gone forever if a claim isn't filed within 24 hours. Claims should generally be made through law enforcement. One red flag for scams is the claim that a law firm is an officially authorized partner with multiple U.S. and foreign government or regulatory agencies. No law firms are officially authorized partners of U.S. government agencies. Sometimes, fictitious law firms will make references to fake government or regulatory entities, such as the International Financial Trading Commission (INTFTC), to add credibility to their schemes. You should always double-check to see whether such an agency exists. Scammers may also request payment in cryptocurrency or prepaid gift cards. This should set off a few alarm bells. First, most legitimate law firms offer many ways to pay—I don't know any that accept gift cards. And, the federal government does not request payment for law enforcement services provided. Scammers who already know the exact amounts and dates of previous wire transfers where scammed funds were sent should also be a red flag, as is the suggestion that you were on a government-affiliated list of scam victims, which means that you can recover their money through "legal channels." (This doesn't exist.) Scammers may also suggest that previously scammed funds are in an account held at a foreign bank, requiring you to register an account at that bank. The scammers may even provide a domain or website for the bank that appears legitimate, but is actually a fraudulent platform to continue the scheme. Similarly, scammers may attempt to place you in a group chat on WhatsApp or other messaging applications (claiming it's necessary for secrecy and safety) and suggest that they are working with foreign bank processors and attorneys and need you to pay bank fees to be used to verify your identity and ownership before they can withdraw funds. And while law firms often work on referrals, a person who has offered to work with you but is only willing to engage with one particular law firm—especially one designated as a 'crypto recovery law firm,' should raise your suspicions. Due Diligence Measures If you've been a victim of a scam, and someone outside of the government reaches out to you to help you recover funds, you should assume they should not be trusted by default—every request should be verified. You should be cautious of law firms contacting you unexpectedly, especially if you have not reported the crime to any law enforcement or civil protection agencies. If in doubt, assume it's a scam. The fictitious law firms may also target victims who were previously scammed out of crypto. Be wary of advertisements for cryptocurrency recovery services. Research the advertised company and be cautious if it uses vague language, has a minimal online presence, or makes promises about recovering funds. Before you share any information, verify the person's legitimacy. Request information about credentials, including their law license (this information can be easily verified with your state bar association). If someone who purports to be a lawyer cannot or will not provide this information, assume they are not legitimate. You should also ask for verification of employment from anyone claiming to work for the U.S. Government or law enforcement. Contact your local office of the relevant government agency and request verification of the individual's identity with whom you are communicating. And finally, keep excellent records, including recordings of video chats of all interactions. Law Enforcement Remember that law enforcement does not charge victims a fee for investigating crimes. If someone claims an affiliation with the FBI, contact your local FBI field office to confirm. Additionally, the IC3 does not work with any non-law enforcement entity, such as law firms or crypto services, to recover lost funds or investigate cases. And, the IC3 will never directly contact you for information or money. If you are approached by someone impersonating or claiming to work with IC3 or find a website impersonating the IC3, consider filing a complaint with the information. Be sure to include the website link in your complaint. Reporting A Scam If you believe you have been a victim of a cryptocurrency scheme or other fraudulent scheme, please file a report with the FBI's IC3 at If possible, include the following: Information regarding how the individual initially contacted you and how they identified themselves. Include identifying information such as name, phone number, address, email address, and username. Financial transaction information such as the date, type of payment, amount, account numbers involved (including cryptocurrency addresses), the name and address of the receiving financial institution, and the receiving cryptocurrency addresses. Additionally, the FBI requests victims of fraudulent law firm scams, or those who suspect they may have been victimized, to report the suspicious activity to their local FBI field office and the FBI's IC3. Tax Rules For Losses While you may not be able to recover your losses, taxpayers who were tricked as a result of a traditional investment scam may be entitled to tax relief. Earlier this year, the IRS Office of Chief Counsel released a memo (Memorandum Number 202511015) providing clarification on the deductibility of theft losses for scam victims. Why was clarification needed? Casualty and theft losses have a long history in our tax system. In 1867, tax deductions were allowed for losses related to fire and shipwrecks. Three years later, the same year the Harpers Ferry Flood devastated parts of the Shenandoah, the definition was expanded to include floods. A few years later, the wording was changed to "storms." By the early 20th century, the deduction had changed again. In 1913, the first tax form under the new, modern tax system allowed a general deduction for "[l]osses actually sustained during the year incurred in trade or arising from fires, storms, or shipwreck, and not compensated for by insurance or otherwise." The definition was later expanded to include "other casualty, and from theft." However, the Tax Cuts and Jobs Act (TCJA) made another tweak: from 2018 to 2025, personal casualty and theft losses are deductible only to the extent that the losses are attributable to a federally declared disaster. (The One Big Beautiful Bill Act generally maintained the limits on losses, with one exception: it has been expanded to include state-declared disasters.) The memo stresses that the theft loss deduction is still available for businesses and individuals who incur losses in transactions entered into for profit. There is no statutory definition of "a transaction entered into for profit." However, courts have determined that to meet the criteria, a primary profit motive is required. Forbes IRS Issues Warnings On Tax Scams Driven By Bad Advice Often Found On Social Media By Kelly Phillips Erb Forbes How One Small Click Led To Big Headaches For A Tax And Accounting Firm By Kelly Phillips Erb Forbes Some Scam Victims May Be Able To Deduct Related Losses On Their Tax Returns By Kelly Phillips Erb

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