In testimony Tuesday before the Senate Finance Committee on Tax Issues, IRS Commissioner Douglas Shulman announced the issuance of guidance for investors in various Ponzi schemes. This may be of particular interest to local investors of WexTrust. The company had offices in Norfolk and one of its co-owners, Joseph Shereshevsky, was a Norfolk resident.
The guidance issued included Revenue Ruling 2009-9 (pdf) and Revenue Procedure 2009-20 (pdf). While I have not had time to review it in detail, the summary of these provided by the Commissioner in his remarks indicates significant relief for investors. If you sustained losses, please consult your tax advisor for applicability.
VIVIAN J. PAIGE | All Politics is Local 