Lost Money to a Scam? You Could Still Owe the IRS: Congress Aims to Fix That

Lost Money to a Scam? You Could Still Owe the IRS: Congress Aims to Fix That

The initial blow often comes without warning. A phone call, a convincing online relationship, or a sophisticated phishing email persuades someone to transfer their life savings to criminals. When victims realise they have been deceived, many face not only significant financial losses but also emotional distress. For thousands of fraud victims across the United States, however, another financial burden follows. Under current tax rules, money with…