In the News | Accounting Today
IRS gives new guidance for scam victims to deduct theft losses
March 26, 2025 · Authored by James Creech
Baker Tilly's James Creech recently spoke with Accounting Today about the IRS’s new guidance on theft loss deductions for scam victims. This new memorandum clarifies that taxpayers targeted by fraud, including retirement fund scams, may be eligible to claim a theft loss deduction, even for smaller amounts. The IRS now acknowledges that asset preservation can qualify as a profit motive, providing important relief to those affected by financial crimes.
Read the article
Featured services
Tax Advocacy & Controversy Services
Baker Tilly provides IRS audit and appeals representation and supports IRS installment agreements and offers in compromise, requests for penalty relief, private letter ruling requests and IRS voluntary disclosures – offshore and domestic.
Federal Tax
Baker Tilly offers specialized federal tax management services including compliance and planning expertise to help businesses optimize value while minimizing their tax burden.
Tax
Contributing to clients’ success by accelerating tax deductions, increasing tax credits, reducing cash taxes and mitigating risks
