When I filed my tax return on April 11th 2014, my CPA checked the box on the K-1 and claimed the 475(f)-MTM election for my trading entity. So I thought I was all good to go in 2015 for MTM based taxation. However I did not know I was required to mail the IRS a written statement stating my MTM election. I just found out about that requirement today. Does this mean I cannot do MTM accounting in 2015? How do I find out if that is the case? I'm doing a large volume of transactions this year and that would be hellish to do schedule D.
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Botching the Section 475 MTM election is a problem. I don't follow you about your accountant checking a box on a Schedule K-1 claiming Section 475, that is not what's done. Were you electing for a trading business partnership or as a sole proprietor? The key thing is that the taxpayer making the election clearly stated such to the IRS by the due date of the prior year tax return which is April 15 for individuals and partnerships. New taxpayers elect internally. Consider a consultation with me to review all this.