LaHood Introduces Bill to Speed Fraud Victim Compensation in Illinois

WASHINGTON — Illinois Congressman Darin LaHood has introduced the Federal Receivership Fairness Act, a bipartisan measure that would require the IRS to determine tax liability in receivership cases within 180 days, matching the timeline used in bankruptcy proceedings. Supporters say the change would help victims of Ponzi schemes and other fraud receive compensation more quickly instead of waiting years for IRS decisions that delay payouts. The bill, co-sponsored by Virginia Congressman Don Beyer, is backed by several national legal and financial groups.