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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Nelson Chang who wrote (761)	3/14/1999 9:29:00 PM
From: Colin Cody	Respond to of 1383

Nelson I must elect MTM by this Thursday March 18 to be eligible for its benefits for the 98 tax year to be filed? not necessarily - more details on the election are found at: traderstatus.com When you get there,look up the 1998 election rules, and note the "special rule" for March 18th at the bottom. And does that mean I must pay the taxes in full by March 18, or do I have until the traditional April 15? Hopefully, the latter. If you file and "forget" to enclose the check the IRS will write to you for it, with interest and maybe a penalty. If you "remember" that you "forgot" around April 14th you may mail a check to them at that time with a short note of explanation telling them how you "forgot" to enclose the check the first time. I WOULDN'T ADVISE this trick, necessarily, but I think this is the information you are looking for. "Discuss it with your tax advisor before trying it on your own!" Last, can you give us a specific link to the IRS regarding this new rule for MTM? I'd really like to read up on it. I don't have a link, but the document you'd want to look up on their site is called: Rev Proc 99-17 dated 2/16/99. You'll need a Philiadelphia lawyer to interpret it for you (g) Colin