new sch d requirments looks serious

Discussion in 'Professional Trading' started by joeyata1, Jan 12, 2006.

  1. robert green is having a seminar on it and says its no joke. of course he's pushing his tax software. man this could be a nightmare for hard core traders. i guess all msut elect mtm accounting to get around it
     
  2. kowboy

    kowboy

  3. incorrect thats just saying you don't have to list all the trades on d-1 but you can list in the same format as the sch on your sheets.
     
  4. nkhoi

    nkhoi Moderator

    we will bury them under tons of papers until they cry no mas.
     
  5. i really don't see how it can be done period. in 2002 i had 2400 pages of 1099 from broker. itsd impossible to do it period. many brokers don't even allow downloading and if they do it won't hold 500k transactions
     
  6. Im sure the accountants lobbied for this nice little surprise. It was quite humorous to read the opinions cited in a few of the papers covering this latest addition of bureaucracy. Essentially, all of the CPA's were quite startled at what this would mean to their clients. Gasp, this might cost their clients 2-3 times more money come tax season.
     
  7. yep thats what i'm thinking. green is saying don't worry we have the tax software you can buy. it's all bs
     
  8. I'm really not understanding all the noise being generated on this topic.

    Have any of you dealt with the IRS directly before ? Its no big deal. They are not to be feared as long as you are not attempting something boderline illegal.

    Ther are two reasons you really dont need to think twice about this :

    The first is just common sense: nobody wants to get shipped a truckload of paper unless they intend to actually review it: The IRS does not and should not want this paper - simply indicating its available if they want to review it is enough.

    The second reason in the federal paperwork reduction act. Asking people to send truckloads of paper to the government simply would make no sense.

    No, you probably dont need to buy a program to handle this - unless your broker doees not ship summary info and you cant use excel or something similar (like a database if there are too many to handle in excel.)

    Funny how people use (or attempt to use) fear to drum up business huh ?

    Discalimer: As always check with your CPA to make sure you are OK ..... and no its doesn't have to be green for this simple issue.
     
  9. sounds like when Don was making all that noise about LLCs and the capital requirements.