To me I'd rather have the CPA's signature on the forms, because if I screw up I am fully liable. If the CPA screws up, there's some leeway on the audit trail. Also, with the CPA you can ask questions and get answers right away. I would trust them more than Intuit's help line. Not to mention, some of these older crusty accountants know little bits that software doesn't that can help you save a bit more.
I never understood why you could only claim $3000 in losses a year! Surprised that didn't change with the new tax reform....lower the corporate tax rate for huge corporations from 35% to 21% but not increase the deductible from $3000 ... I know it's comparing apples to oranges but they should have increased that deductible.
If zdreg had simply suggested seeking a professional then that would be valid, but he was dismissive and condescending as you can tell from his comments. I don't believe I ever said I wasn't going to seek a professional. I simply wanted to know the basic implications of year to year profit and loss from trading. If he didn't want to offer any insight then he should not have commented.
You're fully responsible for your return as-filed, no matter what. But I agree it's worth the $ to use a good preparer.
Not really a concern. "Significant IRS actions" (meaning they did more than just sent you a letter) are generally not about "mistakes in calculations". Unless you're intent on committing fraud, there's nothing to worry about. You won't have any real problem from the IRS unless you "intentionally take large deductions of which you are not entitled", or "significantly and intentionally undereport income". If you're not doing either of those, make it easy on yourself.
That's not exactly what I meant... I meant subtly that if the IRS audits me because of a mistake the CPA made, I have options available to me to assure the CPA pays a bit also. Teehee.
If you make an error about "loss carry forward" or "wash sale deductions"... the IRS will just send you a letter explaining it. Then if you wish, you can dispute and refute what's in the letter. Eventually it will be "settled by mail." The end result will be the same whether a high-priced CPA is involved in the process or not. (Instead of spending your money on a CPA, buy a 12-pack and a burrito... any left over, donate to an animal shelter.)