When online trading became popular in the late 1990s, Green was spreading the word on trader tax breaks.
GTT’s owner and President, Robert A. Green, CPA was interviewed in his office by CNBC on March 10, 1999.
Green was the leading tax expert quoted many times in a story that was first aired on CNBC Business Center on March 11, 1999. The entire story was dedicated to taxes and day trading. The premise of the story was that day traders were in for a big shock come tax time in that most of them were ill-prepared to deal with the complicated trader tax accounting and lack thereof provided by their online brokers.
Green pointed out the traders could skip the nightmare of trade by trade accounting and instead use the GTT Inventory Approach and GTT Performance Record accounting worksheets and procedures to calculate annual accounting. Green further pointed out that traders could then report this one line item per broker accounting on their tax returns. (Postscript: In 2005, the IRS clarified it’s Schedule D instructions requiring line-by-line reporting of securities trades. We pivoted to using Tradelog for line-by-line reporting.)
The CNBC interviewer was amazed at the ease and solution provided by Green.
Other topics in the story that aired were Green’s ideas for “filing a trader as a business” using the tax beneficial Schedule C.
CNBC viewers called the network many times asking for our Web address and to accommodate their viewer ship CNBC posted our firm as their recommended trader “Tax Accountant” during the entire tax season.
The most notable quote in the story by Green was “Only 5 percent of traders know about these new Trader tax benefit rules, so most are overpaying their taxes.”