JK Harris Reports Multi-Million Dollar Recovery for Client

    /24-7PressRelease/ - NORTH CHARLESTON, SC, March 15, 2006 - JK Harris 165 Services, LLC, announced today that it has helped achieve a multi-million dollar recovery for one of its clients, who suffered a loss due to investment fraud.

An affiliate of JK Harris and Company, LLC, the nation's largest tax resolution firm, JK Harris 165 Services is headquartered in Tampa, Fla. The affiliate specializes in assisting victims of investment fraud recover some of their losses through an often-overlooked tax provision called Section 165 of the Internal Revenue Code (I.R.C.). Section 165 allows qualifying taxpayers to accelerate their losses and realize substantial tax benefits. Due to privacy concerns, JK Harris 165 Services is unable to disclose the identity and location of the client.

"We are very happy that we have been able to assist our client in recovering a large portion of the loss," said JK Harris 165 Services Senior Tax Advisor John Timmons.
"It's a great feeling to know that we are helping people."

According to Timmons, the client lost a very large amount of money due to the mismanagement of his investment portfolio by a large brokerage company. Although the client was able to recover a small portion of his losses, JK Harris was able to realize a much larger recovery thanks to Section 165(c)(2) of the I.R.C.

"Once we got the case, it was obvious to us that we could help this client," Timmons said. "Our fraud examiners and attorneys who assisted us devised a plan to use the 165 deduction to recover a substantial amount of money and put it back in the client's pocket.

"In a nutshell," Timmons said, "it was a tremendous relief for our customer who thought all their money had been lost."

Key factors 165 Services analyzes in evaluating the potential benefits of a Section 165 filing are:

(1) Whether the loss is considered "theft" according to the state that the taxpayer resides;
(2) Whether the taxpayer was the target of the theft committed with criminal intent;
(3) What amount of the loss has been recovered; and
(4) When the theft was discovered.

The recovery is the largest in the almost four-year history of JK Harris 165 Services, surpassing the prior highest recovery of more than $1.2 million a year ago.

"Being able to recover money that a client thought was lost due to investment fraud is not just our business," Timmons said. "It's an emotional situation for our client as well. This is money that the customer thought was gone. Because the proper help was found, though, the client can feel better that their experience was not a total loss."

JK Harris 165 Services, LLC (www.165services.com), based in Tampa, Fla., is an affiliate of JK Harris and Company (www.jkharris.com), the nation's largest tax resolution company. JK Harris and Company has serviced over 140,000 clients since its founding in 1997 by John Harris and can meet with consumers in over 450 locations across the United States. JK Harris also provides services for student loan debt, investment fraud, financial planning, tax return preparation, and audit representation.

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