The IRS has announced it will give needed tax relief to farmers who could not properly file their taxes due to not receiving their 1099 by the March 1 deadline from the now defunct MF Global.? A Reuters article entitled IRS Waives Fines for Farmers Missing Tax Info from MF Global reports that farmers who underreported their taxes because of missing information from MF Global will not be penalized.
Run by former New Jersey Gov. and CEO of Goldman Sachs, Jon Corzine, MF Global crumbled on October 31 and filed for bankruptcy mainly due to its exposure to European sovereign debt. This is seen as a colossal failure of a derivatives brokerage firm whereby $1.2 billion in company assets including client investments disappeared.
MF Global had a large share of agricultural clients facing IRS problems who had to scramble to report their earnings without the proper financial information.? Many used personal records to estimate earnings as best they could and reported those figures to the IRS.
Farmers emerging from the MF Global mess are required to file their taxes by March 1 if:
- Two-thirds of their gross income was earned from farming
- They did not file a mid-January estimate of earnings.
According to IRS spokesman Eric Smith in a Friday press release it is not uncommon for the Agency to waive penalties in extreme circumstances, including natural disasters or instances such as these. While penalty abatement may be a comfort in the short term, most of MF Global clients were not uber-wealthy?their lost investments will take many years to recoup.? However, there is a silver lining in every cloud ? and in this case, Internal Revenue Code Section 165 could shine brightly for MF Global victims.
IRS Section 165 Can Provide Tax Help to Victims of Investment Fraud
If you were a victim of a fraudulent investment scheme such as a ?Ponzi? Scheme, and lost all or most of your investment, you could be eligible to recoup 30% to 40% of your losses in IRS tax relief through the United States Tax Code (law) under Internal Revenue Code Section 165.
Most victims of these types of white collar crimes are able to convert their capital stock losses into ?ordinary? losses and offset them against prior, current and future ordinary taxable income thereby reducing the taxes paid in those years, and receiving a refund with interest. The process generally involves amending prior year?s tax returns but is not a do-it-yourself project. Section 165 is a highly technical, time consuming and complex process that could prove invaluable for those with major investment losses such as in MF Global cases.
If you have lost your investment by way of a fraudulent investment scheme, you are advised to contact a Certified Tax Resolution Specialist or tax attorney for Section 165 Representation who can provide necessary tax help by filing tax theft losses and start you on the path of regaining your financial welfare.
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Tags: certified tax resolution specialist, investment fraud recovery, investment fraud representation, investment fraud victims, IRS enforcement, IRS penalties, irs problems, irs tax relief, MF Global, tax advice, tax attorney, tax attorneys, tax help, tax problems, tax professional, tax relief, tax resolution, tax resolution expert, Tax Tips
Source: http://www.taxresolution.com/blog/mf-global-farmers-get-tax-relief-from-irs/
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