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March 18, 2009

Editor's Note
Congress has jumped into the Madoff cauldron and come up with a juicy apple in its mouth. Taxpayers who got stung in the Madoff Ponzi scheme and others like it will be able to take a tax deduction for up to 95 percent of their loss. Don't worry about the taxpayers having to foot the bill for this benefit. The Feds have every intention of recouping as much of the money as possible from the perpetrators of the schemes.

Meanwhile, Helio Castroneves enters Week Two of what is expected to be a four- to six-week trial centering around the timing of tax liabilities on income earned from his racing career. We will continue to follow the trial to its conclusion.

Best regards,
Gail Perry, CPA
Managing Editor


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Racecar driver Helio Castroneves's former accountant, Kevin Savoree, told jurors last week that he didn't believe the defendant had the intent to evade taxes. The prosecution still maintains that Castroneves had control over the Dutch account where the $5 million in fees were parked, therefore, he had constructive receipt of the funds on which he should have paid taxes. more >>
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