IRS And State Exam Controversy For Traders (Recording)
Oct 14, 2014 at 1:00 pm EST
Join Green NFH’s Robert A. Green CPA and Mark Feldman, tax attorney in this Webinar.
There’s been an increase in tax exams over trader tax status, cost-basis reporting and related issues. Recently, our CPA firm successfully represented a trader in tax court. State tax authorities are also challenging trader tax status and related Section 475 MTM ordinary loss treatment, trying to avoid issuance of large tax refunds. Learn the latest arguments raised by IRS and state tax authorities on the exam and appeals level, and how to mount a successful defense. In this Webinar, we will cover:
- Highlights of our recent “small claims” petition filed in federal tax court with favorable outcome.
- Highlights of recent state tax controversy over trader tax status.
- IRS cost-basis reporting controversy including tax notices.
- IRS attacks on weak segregation of investment positions vs. trading business positions and related implications for trader tax status and use of Section 475 MTM ordinary gain or loss treatment.
- Review of trader tax status requirements.
- Common mistakes traders and local tax preparers make that invite IRS and state controversy.
- Questions and answers.
For traders involved with IRS or state tax controversy, we recommend our IRS & State Tax Exam Representation Service.