Washington, Sept. 15 -- Congressman Tom Suozzi issued the following press release:
Washington, D.C.-The House today passed H.R. 9500, the Tax Relief for Fraud Victims Act, a bipartisan bill co-led by Congressman Tom Suozzi (D-NY) to ensure victims of fraud are not forced to pay taxes on the money scammers stole from them.
This bill would restore the theft loss deduction for victims of scams and fraud, which was removed in the 2017 Tax Cuts and Jobs Act, allowing them to deduct qualifying losses from their taxes. It would also waive the 10% early withdrawal penalty charged to victims under age 60 who are forced to take money from their 401(k) or IRA as part of the fraud scheme. Importantly, the bill provides retroactive relief for victims ...