Trading record audit

Discussion in 'Professional Trading' started by fogut, Dec 14, 2008.

  1. fogut

    fogut

    Does anyone know the process for getting your trading record audited ?

    Thanks.
     
  2. Take your monthly statements to a CPA. Expensive.
     
  3. fogut

    fogut

    Do you know how expensive it is ?
    Is it correct that the purpose of getting your trading record audited is to establish the legitimacy of your record ?

    Thanks.
     
  4. fogut

    fogut

    Does anyone have any personal experience of getting your trading record audited ?

    Thanks.
     
  5. tradersboredom

    tradersboredom Guest

    you only get audited for failing to pay tax if you owe money.

    your 'annual' p/l statements shows a profit.



     
  6. Yes, an audit in this context is to "verify financial records"...

    Years ago, it cost $5,000 per year for less than name-brand auditor.
     


  7. Yes and it is not fun. What type of gains are you talking about? Many ways to get an audit. I was dealing with a shady day trader accountant and all of us got hit. I know of other who got one from dealing with a sneaky/s-bag llc(they gave the trader one amount and sent in to the IRS another amount).
     
  8. What you need to do is print out your runs every day. Save them in a box, and if they come knocking say here have fun. I worked for the state before i was a trader and was in the audit department. It is easy to turn someones life upside down.
     
  9. timertrac.com audits trading records.
     
  10. You're talking about an IRS audit... OP is asking about a "financial audit" to verify performance. Note even remotely related.
     
    #10     Dec 14, 2008