IRS issues tax guidance on MF Global missing customer funds

By Robert A. Green, CPA

As posted on the

(

) Website, the CCC requested tax guidance from the IRS on how to handle missing customer funds from MF Global for tax year 2011 and 2012.

The IRS sent CCC this

reply letter

and the

IRS tax guidance matches the tax guidance

we gave in our blog

The MF Global Tax Trap & How to Handle 2011 Tax Extensions

CCC sent an email update to their members on April 12, 2012, and they included our Forbes blog for further tax guidance.

Excerpt below.

Information for Your Tax Preparer

CCC members should consult with their own legal, tax or financial advisor before filing any tax returns with the Internal Revenue Service. The following is not meant to provide any legal or financial advice but rather provide CCC members with an update from the IRS and general information concerning MF Global tax issues.

1. IRS Responds to CCC on Tax Issues

See

http://www.btrtrading.com/Legal/IRS_Response_To_CCC.pdf

1. Forbes.com article about MF Global Tax Issues

http://www.forbes.com/sites/greatspeculations/2012/04/05/caught-between-mf-global-and-the-tax-man/

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