Where can I find a LOCAL competent tax preparer who can do a tax return for a day trader in Reno, Nevada?
Yellow Pages no good Local CPAs are not familiar with MTM tried several who then try to learn on the job from my previous tax return documents. H&R Block are the worst, only know investor returns or only W2 employees returns. Most "act" or "brag/boost" about experience etc. but soon you find out they have never done it.
HR block is run with tax preparers with 2 to 4 weeks of training. They know nothing about tax. Only thing they know is how to run their software.
I went to the IRS office and spent a whole afternoon with the manager, who looked through reams of forms and books and made several calls. Finally said I'm on my own, have to find a CPA or consultant. I did find one in OHIO (through internet) who did ok for a couple of years then increased fees and missed a $17,000 carry over deduction. This was caught by a local CPA Bob Mc Person, very good guy, but he past away. Most local CPAs who have heard about "Traders" think we are multi millionaires and start right away with $300 trying to rip you off, then stretch it out for months while they are trying to learn how to do it, then charge for an extension. It's a big mess, the IRS included, they should at least know how to do a tax return for traders.
honestly, I would start with a good advanced turbotax and go from there. I had rental properties for many years and I found doing my taxes on TT was a good place to start. And I felt more comfortable when I understood them, instead of depending on someone who moved out of the area after doing my taxes in case of audit. http://www.amazon.com/TurboTax-Premier-Federal-State-2007/dp/B000W3T6NM/ref=/ref=cm_cd_t_sims_t Not every CPA is savvy about things like trading. Start by learning the laws yourself using something like TT. You can always supplement with professional advice later, but you shouldn't be dependent on them. They sometimes get it wrong!
How about the Wash-Sale rules? what confusion that mess is>>>in the appropriate IRS document; after a long dissertation on the rule it finally just says something to the affect that "in general if your paying tax it will be accepted" . Do you other traders find yourself affected by the wash-sale rule>>>i.e. afraid to get out of a position when you know you should because it will be a Wash??
Check out past articles in Active Trader Mag., from Robert Green. He writes almost monthly on issues for traders/investors. Check out the link. http://www.greencompany.com/
$300 is not an excessive fee to prepare a tax return for a trader. Trader returns are a pain in the ass and only one in a fifty accountants have any experience preparing them. I cringe when I see them. They take four times longer to prepare than an average tax return, I can only charge twice my regular rate and I have to deal with a litany of questions from a skeptical client. Who needs the aggravation. That is why $300 is not excessive. Keep away from Turbo Tax, etc. You are better off going to IRS.gov and reading the publications. Off the shelf programs are not designed for complex returns.