IRS Responds to CCC on Tax Issues

#PFGBest Customers

Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.

Stay tuned to our website for more information.

The IRS responded to a CCC letter requesting tax guidance and safe harbor for victims of the MF Global collapse.

DOWNLOAD IRS RESPONSE LETTER

#MFGlobal Customers

Are you a customer of MF Global? The CCC formally represents more than 200 clients in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.

Get the latest news on #MFGlboal.

About John Roe 91 Articles
Co-Founder of the CCC and head of BTR Trading and Roe Capital Management.

2 Comments

  1. If IRS is keeping a close eye on the proceedings of the trustee and knows thus that 72% of the account values were distributed, then, using the $ amount on the checks the trustee issued is enough to calculate the actual profit MF Global customers actually made.

    If I am not in custody of profits, it is unethical for me to pay taxes on it. Period.

    Having prospects of return be present at end of 2011 is a moot point – would we rather not have the prospect of money being returned? At end of the year, whether the prospect was alive or not, income taxes are to be levied on *income* up until year end.

    There is another angle of illegality to this – for the taxes that I pay Govt on money not in my custody, I lose out on the interest that the money would’ve made – my hard earned money mind you. Will Govt. reimburse me?

    Mr. Geithner’s response just shows me the pre-existing rules which does NOT address relief for tax payers who have been cheated once and will be once more when they are forced to pay taxes.

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