Zeek Rewards News: MLM Watchdog Rod Cook Provides Relief Information To Zeek Rewards Affiliates

Rod Cook ur Ed. – At last some relief for innocent folks that fell into the ZEEK REWARDS Ponzi scheme and were burned bad! As we say MLM is good they sell good products or services- Pyramid and Ponzi schemes are not related because they don’t. For those who have not been able to tell the difference here is some help thank God!
Thank you Madoff your big Ponzi is actually helping some little folks!

Rod Cook MLM Watchdog

UR Ed. Rod Cook – Full Disclaimer check out this information with your local IRS office! And have your tax preparation expert double check it in IRS bulletins. I was told by local office yes it was still in effect but, I don’t trust the IRS!

Also the SEC by shutting down Zeek Rewards has give you clear proof that your money was stolen by a Ponzi Scheme!

READ THIS CAREFULLY THE IRS DOCUMENTS ARE CONFUSING! Some of the questions which were answered by this ruling applying to Pyramid and Ponzi loses are:

1.) Is a loss from criminal fraud or embezzlement in a transaction entered into for profit a theft loss or a capital loss under 165 of the Internal Revenue Code,

2) Is such as loss subject to either the personal loss limits in 165(h) or the limits on itemized deductions in t67 and 68?

3.) In what year is such a loss deductible?

4.) how is the amount of such a loss determined and finally

5.) Can such a loss create or increase a net operating loss under 172?

Because of what happened involving the “Madoff” scheme, the Internal Revenue Service has taken a new approach to how to handle any future situations. They have released a set of rules online which are as follows according to the article (link below). The revenue ruling sets forth the formal legal position of the IRS and Treasury Department:

•The investor is entitled to a theft loss, which is not a capital loss. In other words, a theft loss from a Ponzi-type investment scheme is not subject to the normal limits on losses from investments, which typically limit the loss deduction to $3,000 per year when it exceeds capital gains from investments.

•The revenue ruling clarifies that “investment” theft losses are not subject to limitations that are applicable to “personal” casualty and theft losses. The loss is deductible as an itemized deduction, but is not subject to the 10 percent of AGI reduction or the $100 reduction that applies to many casualty and theft loss deductions.
UR MLM Watchdog Editor Rod Cook: This is really good! Check it out!

•The theft loss is deductible in the year the fraud is discovered, except to the extent there is a claim with a reasonable prospect of recovery. Determining the year of discovery and applying the “reasonable prospect of recovery” test to any particular theft is highly fact-intensive and can be the source of controversy. The revenue procedure accompanying this revenue ruling provides a safe-harbor approach that the IRS will accept for reporting Ponzi-type theft losses.
UR MLM Watchdog Editor Rod Cook: The SEC Receiver’s information is going to make proving this part fairly easy.

•The amount of the theft loss includes the investor’s unrecovered investment – including income as reported in past years. The ruling concludes that the investor generally can claim a theft loss deduction not only for the net amount invested, but also for the so-called “fictitious income” that the promoter of the scheme credited to the investor’s account and on which the investor reported as income on his or her tax returns for years prior to discovery of the theft.

Some taxpayers have argued that they should be permitted to amend tax returns for years prior to the discovery of the theft to exclude the phantom income and receive a refund of tax in those years. The revenue ruling does not address this argument, and the safe-harbor revenue procedure is conditioned on taxpayers not amending prior year returns.

•A theft loss deduction that creates a net operating loss for the taxpayer can be carried back and forward according to the time frames prescribed by law to generate a refund of taxes paid in other taxable years. UR MLM Watchdog Editor Rod Cook: This is really great! But as I said in the disclaimer up front check every big of this IRS information out!~

IRS INFORMATION ON THIS PROGRAM = HOT LINK
http://www.irs.gov/newsroom/article/0,,id=205374,00.html

ESTO IS A CORTESIA DE LA ASOCIACION DE PROFESIONALES DE REDES DE MERCADEO
Y EL MLMwatchdog! (El guardian del multinivel

Esto es bueno para las victimas de esquemas Ponzi o esquemas piramidales.
Rod Cook su Editor. – Por lo menos hay algunos alívios para la gente inocente que cayó victima de la pirámide de ZEEK REWARDS y perdieron su dinero. Como siempre decimos: Multinivel es bueno, vende buenos productos y servicios-Los esquemas piramidales o ponzi no son buenos y no se relacionan con multiniviel porque no venden buenos productos y/o servicios. Para aquellos que no han podido diferenciar aqui les traemos ayuda. Gracias a Dios!
Gracias a Madoff (creador hace varios años de una pirámide ponzi de inversión en la que mucha gente perdió muchos millones de dolares y ya esta en carcel federal para siempre) pero su pirámide ahora nos ayuda porque a raiz de eso se ha creado la forma de aliviar las perdidas de las victimas.

Su editor Rod Cook – Desgloso completo: Revise esta información con su oficina local del servicio de rentas internas ( IRS ) y su contador o persona que prepara sus impuestos para que ellos revisen este boletin. La oficina local nuestra del IRS nos dijo que aun estaba en efecto pero yo no confio completamente en el IRS.
Tambien el hecho de que la SEC (Comisión de intercambio de seguridades o inversiones) cerró a Zeek Rewards le da a usted una prueba clara de que su dinero le fue robado por una pirámide o esquema ponzi que is a ilegal.
FREE! SIGN UP FOR MLM WATCHDOG NEWSLETTER MORE FREE INFORMATION FOR YOU

LEA CUIDADOSAMENTE, LOS DOCUMENTOS DEL IRS SON CONFUSOS!

Algunas de las interrogantes que fueron contestadas por esta regla y que aplican a las perdidas por pirámides y esquémas ponzi son:

1.) Es la perdida por fraude criminal o desfalco en una transacción en la que participó con fines de lucro, una perdedida de robo o robo de capital bajo el articulo 165 del código del IRS?

2) Es esta perdida sujeta a los limites de perdida personal dentro de el articulo165 (h) o los limites de dedecciones detalladas en los articulos t67 y 68?

3.) En que año es tal perdida deducible?

4.) Como se determina el monto de tal perdida? Y finalmente

5.)Puede esta perdida crear o incrementar una perdida neta en operaciones bajo el articulo 172 del código del IRS?

Debido a lo que sucedió con la pirámide Madoff, el servicio de rentas internas ha tomado una forma diferente para tratar con situaciones futuras. Ellos han implementado unos reglamentos y lo anuncian en linea que son los siguientes de acuerdo al articulo (accesible con el enlace caliente de más abajo) Los reglamentos establecen en lo adelante la posición formal legal del IRS y el departamento del tesoro:

• El inversionista esta autorizado a declarar una perdida de ingresos la cual no es perdida capital o de capital. En otras palabras, un robo sufrido en un esquema de pirámide o ponzi no esta sujeto a los limites normales de declaración de perdida de $3,000 dolares al año que excedan los limites de ganancias de capital

• Los reglamentos del servicio clarifican que perdidas por robo en “inversiones”no estan sujetas a las limitaciones que se aplican por perdidas “personales” debio a perdida por robo o accidentes. La perdida es deducible como deducción detallada pero no esta sujeta a la reducción de 10% del AGI (Ingreso bruto ajustado) o la deducción de $100 dolares que se aplica a las deducciones de muchas perdidas accidentales y perdidas por robo

Su editor guardian del multinivel Rod Cook: Esto es a muy bueno! Reviselo
• La deducción de la perdida es deducible el mismo año en que el fraude fue descubierto, excepto y hasta lo extenso de si hay un reclamo con expectativas rasonables de recuperar la perdida. La prueba para determinar el año del descubrimiento y aplicar la regla de la esperanza rasonable de recuperar es bastante extensiva y puede ser raiz de controversia. Pero la regla del servicio de rentas internas provee un proceso de “manera segura” para que el IRS accepte las perdidas reportadas en un esquema piramidal.

Su editor MLM Watchdog Rod Cook: La información del recibidor de la SEC va a hacer que sea francamente fácil proveer esta información (la SEC ha creado una oficina y un sitio de internet del recibidor para el caso de Zeek Rewards)
• El monto del robo incluye las inversiones no recuperadas e ingresos reportados en años anteriores. Esta regla concluye que el inversionista puede generalmente reclamar una perdida por robo no solo de el monto neto invertido sino también de el llamado “ingreso ficiticio” que el el ingreso que los promotores de la pirámide acreditaron a las cuentas del inversionista y el cual el inversionista haya reportado como ingreso en los años anteriores a descubrirse el robo.

Algunos contribuyentes argumentan que deben ser permitidos a enmendar sus reportes de ingresos de los años anteriores al descubrimiento del robo para que excluya el ingreso fantasma y que puedan recibir un reembolso de impuestos en esos años anteriores. El reglamento del servicio no trata ese argumento y el proceso de “forma segura” del IRS esta condicionado a que los contribuyentes no hagan enmiendas a sus declaraciones de impuestos en años anteriores.

• Una deducción de perdida por robo que crea una perdida neta en operaciones se puede tomar antes o después de acuerdo al marco de tiempo prescripto por la ley para generar un reembolso de impuestos pagados en otros años reportados. Su editor MLM Watchdog Rod Cook: Esto es realmente grandioso pero, como dije anteriormente en el desgloso completo, revise cada punto de esta información del IRS con su oficina local del IRS on su experto en impuestos.

INFORMACION DEL IRS SOBRE ESTE PROGRAMA = ENLACE CALIENTE
http://www.irs.gov/newsroom/article/0,,id=205374,00.html

Spread The News!

14 thoughts on “Zeek Rewards News: MLM Watchdog Rod Cook Provides Relief Information To Zeek Rewards Affiliates”

  1. @Maria1965,

    Rod and I have talked about Zeek several times. I do know he has strong opinions. 🙂

  2. Hey Troy

    You don’t believe Zeek Rewards was a Ponzi due to some evidence that you must have witnessed. Why doesn’t Rod your colleague believe you?… I reckon he thinks you are a delinquent…sorry Troy but I am sick and tired of people who have no idea of how Zeek Rewards works throw damaging comments…its just not fair for the rest of us who appreciated and cared for this business.

  3. Yes, a nightmare because people like myself who never withdrew a penny won’t get anything because over 2 BILLION “points ” are outstanding while there is only $225 MILLION in remaining funds. And how are folks going to be refunded without proof? Myself and 4 family members got into Zeek by use of another affiliate’s Solid Trust Payment account (it was nearly impossible to use your credit card to “purchase bids” and/or subscription) so we actually have no statements or receipt of purchase. Hopefully they go by username and password then look at the point retirement calendar to see exactly how much was initially “purchased “. Any thoughts?

  4. Wait, thinking this thru a bit more, is the Loss the FICTICIOUS income used to purchase the bids? Which the VIP balance represented the amount spent?

    You know, Zeek had on August 12,2012 put out a report with your Earnings Balance (beta) in our back office, which I printed out (luckily) which would really help the accountants out with this mess. . I am wondering how many others had the foresight to print that out or even knew it was there?

    In any event, The reasonable recovery if the numbers are double what the SEC REPORTED, then I don't see how Rod can say that proving that will be fairly easy.

    This really is a convoluted mess.

    K.I.S.S.

    Turn Zeekler.com auctions & ZeekRewards back on for 90-120 days. No new money in (except for auction) or affiliates are allowed to join during that time. Affiliates have 2 options.

    1) set repurchase to 0%- nothing more allowed
    2) leave VIP BALANCE intact – no increase during this time period.

    During this time ZeekRewards is amended to comply as an income opportunity.

    Those who want out, get their money, and those that want to wait for the revised version come out do so.

    When it comes back online, it good to go. Win-Win for everybody.

    K.I.S.S. Keep It Super Simple

  5. Troy, regarding this comment ” The ruling concludes that the investor generally can claim a theft loss deduction not only for the net amount invested, but also for the so-called “fictitious income” that the promoter of the scheme credited to the investor’s account and on which the investor reported as income on his or her tax returns for years prior to discovery of the theft.”

    If one didn’t file last year, as I understand it, most of the growth occurred this year, AND as VIP balance was not a monetary credit but points credited to one’s account AFTER they purchased samples to give away, I don’t understand how one can claim” fictitious income.”

    One either “re-invested” (excuse my terminology here”) by repurchasing bids or you cashed out a percentages from 100%-0% of REAL INCOME.

    If some had funds sitting in Cash Available but had not moved it out thru an ewallet at the time of closure, I could see how that could count as what Rod is referring as FICTICIOUS Income.

    I think Rod’ s info is going to send people claiming there VIP BALANCE as FICTICIOUS Income and that will become a nightmare.

  6. Hope this helps some people. I'm totally confused with the whole thing though. I think, just count our blessings, learn from this "TYPE" of business model and roll on. Thank you Troy.

  7. @Brother Mabe,

    The reason this article is on the site, is because I fully believe all folks have a Right to their opinions and beliefs, even when they may disagree with mine.

    Rod is a colleague, who totally disagrees with me on the Zeek issue, but who has a strong opinion and does want to help former affiliates based on his view of this situation.

    Most of the time it is the anti-ponzi advocates who add value to the community. In this case, finally an insider is willing to provide information. Sadly like my other Colleague, the information came after the SEC filed their complaint.

    Living An Epic Adventure,

    Troy

  8. Why is this article on this website?
    And how does this provide me with relief?
    If you want to give me some relief, change our Zeek Rewards program to meet the SEC regulations, or just send me my refund quickly…

    Thanks

  9. It states that you can carryforward or carryback any income gains or losses from theft income. Essentially, if Zeek Rewards is found to be a fradulent business, which I dont think its penny auction Zeekler was, then tax deductions presumably go in areers. This is good news to those who filed for 1099. However, the issue of clawback arises, and that from a legal standpoint is probable. I have an interesting article on Ultimate Power Profits on my blog, and about the Penny Auction industry. Check it out everyone at http://www.incomevin99.wordpress.com

  10. I’ll get blasted for this, but if we made money during this year, how does that work? I understand there may be clawbacks and I’m fully prepared for that. If not, I’d like to give some back to friends. But if you show income innocently gained from a ponzi, how is that handled with the IRS? If a clawback doesn’t occur in this year, it has to be reported although it is ponzi income. What a mess for everyone involved.

Leave a Comment

shares