The Internal Revenue Service said Tuesday that it would provide penalty relief to farmers who incurred estimated tax penalties because they did not receive their 1099 forms from MF Global or the bankrupt financial firm’s court-appointed trustee on a timely basis.

The firm, headed by former New Jersey Governor and U.S. Senator Jon Corzine, also a former chief of Goldman Sachs, collapsed last fall after apparently dipping into client funds to make risky investments in European sovereign debt funds (see MF Global’s Accounting Helped Cover Risky Bets and Corzine Faces Congress over MF Global Bankruptcy).

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