Zeekrewards Ponzi Claims and Tax Loss filings

by Charlie on April 8, 2013

The Zeekrewards Receivership has filed all documentation concerning the outcome of the CASE.
All documents are at Zeekrewards
The Claims for people who lost money will be web based and this is a Copy of the web site that the Zeekrewards Receivership    will email to all registered affiliates:   This is not a live site yet !
 
I have heard that Zeekrewards affiliates might be able to recover around 50-60%, but not sure how accurate that percentage is. There will be categories for everything that money was spent on, bids, ads, monthlies, marketing materials, etc.
I have also tried to figure out Tax related to Zeekrewards Losses.
There is actually a special filing for Losses related to Zeekrewards Ponzi Scams as a result of the Bernie Madoff case.
Since I am not an Accountant, but I had put money in for my children, I am trying to recover as much money or a claimed loss as possible.
The Filing for Ponzi Losses is IRS form 4684.  There is a special filing
 If you qualify to use Revenue Procedure 2009-20 and choose to follow the procedures in the guidance, you also must complete Appendix A of that procedure and write “Revenue Procedure 2009-20” across the top of Form 4684.
(1) Mark “Revenue Procedure 2009-20” at the top of the Form 4684,  Casualties and Thefts, for the federal income tax return for the discovery year. The taxpayer must enter the “deductible theft loss” amount from line 10 in Part II of Appendix A of this revenue procedure on line 34, section B, Part I, of the Form 4684 and should not complete the remainder of section B, Part I, of the Form 4684;
This amount for individuals filing is then put on Line 28 Schedule A (1040) for net loss.
So since there is an LOSS on taxes related to 75%, you can also get a recovery from the Receivership.
There is some confusion on “Revenue Procedure 2009-20”, but I called the IRS Rep and she clarified that this is how to file….Claim 75% and then file with the Receivership when that becomes available.
 

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