CFP Board Joins Coalition Urging Senate Action on Tax Relief for Fraud Victims

This week, CFP Board joined AARP and 50 other consumer, aging, financial services, retirement and professional organizations in urging Senate Finance Committee Chair Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) to advance the bipartisan Tax Relief for Fraud Victims Act (H.R. 9500). The House-passed legislation would restore tax relief for qualifying fraud and theft losses, provide victims with greater flexibility when seeking refunds, and address certain tax consequences resulting from fraud-related retirement account distributions.

"Victims of fraud should not face an additional tax burden as they work to rebuild their financial security," said Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel. "CFP Board has worked throughout this Congress to advance this bipartisan legislation, and we urge the Senate to act before the end of the year so that victims do not have to go back to square one with the new Congress."

The coalition represents a broad cross -section of organizations, including AARP, SIFMA, Investment Company Institute, Financial Services Institute, Financial Planning Association®, National Association of Personal Financial Advisors, Consumer Federation of America, and National Council on Aging. CFP Board has worked closely with congressional offices and coalition partners to help advance the legislation, including advocating for relief for eligible past losses and mobilizing CFP® professionals to contact their elected officials. Thank you to the CFP® professionals who have joined us in supporting this important relief.

Urge your senator to pass the Tax Relief for Fraud Victims Act.

Read the full letter.