Just found out the IRS automatically treats an LLC like a partnership whether its a single-member or a multi-member. Must file form 8832 to change to corporation tax status. Anyone have any advice on this topic? I'm assuming there are more personal tax advantages with an S Corp than with a partnership?
Can anyone suggest some other accounting firms who specialize in traders besides Green and Crimmins? Don't have much money to start, but want to structure right - up front.
Just want to update this community on Green Trader Tax. Do NOT pay for an initial consult with them unless you get some sort of guarantee that they'll actually have availability. They'll gladly take $300 to talk to you, but they are NOT sufficiently staffed to take on new clients. Unethical business practice - should not be charging for initial consults unless they can actually take on new clients.
I had my initial consult in July. Of course, had I known their tax services were unavailable or even had the potential of being limited, I wouldn't have given them my money in the first place. I was given the impression before, during, and after the consult that there'd be no issue taking me in as a client, I'd simply need to email them in October when they officially started work on taxes for fiscal year '21. I did just that, and I received a reply a few days ago - right after the add the disclaimer ph1l posted above. The email was literally a copy-paste of the generic disclaimer. I emailed back promptly asking a few questions regarding this, shocked that despite being 4 months ahead of the game I was being denied - radio silence one week later. So this means they either... A) Already had clients booked out for 2022 during or before July '21, yet continued to take people's money in bad faith, knowing they could not handle more clients. or B) Are so disorganized as a business that from July - November, they continued advertising and selling initial consults to new clients without realizing they had already overbooked themsleves. I also considered the possibility that they're playing favorites with higher ticket clients, but at this point I don't care what excuse they have - they're either disorganized, dishonest, or both, and that's reason enough for me to take my business elsewhere.
Wow. This is outrageous! I too had a consult last month with the notion that i would be joining as a new client for 2021 when i could starting mid October (per their calendar). I would have had the PAID consult with the other trading specialist accountant if i had known this. They made it seem like No problem joining for the 2021 tax year as a new client just get in touch after October 15th and we'll add you in. I'm more than upset about this and might dispute my charge with my credit card company for unfair/missleading business practices.
Anyone but Green Trader Scam Working on finding a legitimate company to work with, I'll post back if I find a good option who needs more business.
I bailed many years ago because I ran in to issues that made want to educate myself with the help of a smart CPA and his hyper helper. At the time the CPA was 1/4th the rate so paying him to research still came out with excellent results. Robert’s firm was a pioneer of tax strategies(1999-2002) the employee who did mine was fair. You have to understand hedge funds and guys making $50 million plus trading get the first phone call. I understood that even though paying over $7,000 per tax year. I met others small traders online who disputed credit cards charges and left furious because they felt they got the run around or ignored. That’s about all I can offer, some love him and others bail because they’re not going to run up $25,000 or $50,000 in billings. Under $5,000 was small fries twenty years ago, inflation it’s probably $10,000? If you made $750k or over $1,000,000 he’s probably your best bet to set up your entity. Being patient will go a long way.