Deliverables

You can expect to receive current-year tax returns, an electronic tax organizer, amended tax returns, tax elections, and, if necessary, IRS and state representation.

Communications and deliveries

We can discuss your tax needs by phone, text, e-mail, or virtual meeting. We will tell you exactly what to send us via secure and encrypted upload to SmartVault, e-mail, fax, text, mail, or courier. We will let you know we’re communicating immediately so you are always aware.

Current-year tax returns

We will prepare your entire federal and state income tax returns using all available trader tax status benefits to which you are entitled. It’s not a problem if you and your spouse have other significant activities. We are also general tax experts who have many ideas for saving money. We have been successfully servicing non-trader clients since our company was founded in 1983.

Prior tax returns and amended returns

We will also review up to two years of previous tax returns to see if we can retroactively get you a tax refund by filing an amended tax return (a form 1040X). We will also look for errors. For example, we often find that traders omitted ordinary tax deductions for many types of allowable expenses that traders with trader tax status report on Schedule C. This discovery usually generates thousands of dollars in tax refunds. 

Tax elections

If you want to elect Section 475 mark-to-market (MTM) accounting for the current year, you must do so by April 15 (individuals) or March 15 (existing calendar year corporations). We will be working on your tax preparation before those deadlines and can also consult with you on this matter. We can prepare the elections for you. (Read Chapter 2 of Green’s Trader Tax Guide for more on MTM.)

We’ll talk with you about how to qualify for trader tax status. (See our page on trader tax status for more information.)

IRS and state representation

Please don’t worry; we’ll take care of everything if you receive an exam notice. Our representation usually eliminates the need for a personal meeting between you and the IRS agent, which helps narrow the focus of your exam. Our greatest strength is preventing IRS controversy and winning exams quickly when they occur. (Read Dealing with the IRS and States and consider our IRS and State Tax Exam Services). With our firm’s name listed on your tax returns, you will have peace of mind knowing that the IRS will not have a field day challenging your return or denying trader tax status. Even if we didn’t prepare your tax returns, consider us for help with your exam at any time — exam, appeals, or tax court.

Protection Plus

Starting with 2021 individual tax returns, our firm, GNM, has partnered with Protection Plus to provide all our tax clients complete access to their services. If you receive a letter from the IRS or the State about your individual tax return, a team specializing in audit defense will support you at no additional cost. This partnership also provides identity theft restoration services to assist you if you face any identity theft incidents. 

The program includes a $1 Million Tax Audit Defense and ID Theft Restoration services.

• If you receive a notice from the IRS or State, Protection Plus will provide up to $1,000,000 of services to find a resolution.
• Protection Plus has a team of experts who can help with an identity theft issue.

This extra service is free of charge, as it is part of your tax preparation service with our firm. We value you as a client and added the new service to provide you with additional value for trusting our firm with your tax needs.

Starting with 2023 entity (business) tax returns, Protection Plus only covers federal tax returns; state returns are excluded from its business tax return coverage. We include this coverage for our entity tax compliance clients. 

If you have any questions, please email us at info@gnmtradertax.com or call us.