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The Valley Current®: What is Tax Treatment of Cybercrime Financial Losses (aka "SCAMS")?
Manage episode 476064213 series 3562100
In this episode of The Valley Current®, host Jack Russo and CPA Steve Rabin dive into the tax challenges surrounding financial scams. With IRS staffing cuts, shifting audit risks, and the post-TCJA loss deduction rules, victims of scams may find themselves with fewer tax remedies—unless a business is involved. Jack and Steve unpack scenarios from wire fraud to crypto wallet losses, highlight key distinctions in personal vs. business tax treatment, and stress the need for sound professional advice. Tune in for a timely, sharp-witted discussion filled with real-world examples and tax-saving tips for a complex season.
https://www.washingtonpost.com/business/2025/03/22/irs-tax-revenue-loss-federal-budget/
Jack Russo
Managing Partner
https://www.linkedin.com/in/jackrusso
"Every Entrepreneur Imagines a Better World"®️
100 episodes
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