Media Coverage
Source: Tax Notes
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Thomas
05.28.25
The reconciliation bill introduces a new tax deduction aimed at helping senior citizens, reflecting Congress’ continued concern for protecting the elderly. Yet conflicting provisions in the bill could inadvertently worsen the financial toll on seniors targeted by scams, recent coverage suggests.
According to Tax partner Larry Sannicandro, several clients who have been victims of scams “have all been senior citizens, aged 65 or older…I think that makes sense because that is where a lot of the wealth is concentrated.”
The bill, which would permanently extend section 165(h)(5), “takes away an important tax relief provision intended to benefit victims of financial scams,” Sannicandro said. “And we’re seeing an increase in the number of victims of financial scams in recent years.”
Also noting the policy inconsistencies between the deduction for seniors and the section 165(h)(5) extension, Sannicandro added that the reconciliation bill would purport to provide a benefit to seniors on one level and then limit it on another.
Scams, he said, often span multiple tax years, which can make even an allowable theft loss deduction difficult to align with the realized income inclusion. However, Sannicandro noted that some states do not allow any theft loss deductions.
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