I am getting into day trading and was wondering who is a trust worthy tax accountant to use. I had heard there is a lot of fraudulent and scamming tax accountants out there so any information would be of great help Thanks for any help
You could always refer to this thread ... https://www.elitetrader.com/et/threads/which-is-the-best-company-to-use-for-doing-your-taxes.364488/ but, the best way to find a tax accountant, is to look up your Yellow Pages (business telephone directory), and find the registered tax accountant who has their office closest to where you live. KH
I'm waiting for OP to start another thread like : "Does anyone know which is a good restaurant to eat in. I've heard there are many scam restaurants with poor service and overpriced menus."
I think I once read where a member of this forum recommended Green Trader Tax. If my business becomes as successful as I envision, I plan to start there, even spending some time in Connecticut for a personal consultation because, if I remember correctly, the guy specializes in day and Forex traders.
%% MOST any CPA works well. I used Jackson Hewitt this year/ they have plenty of offices + had a better estimate than H&R Block. My CPA i used for years ,wanted me to drive >100 miles to his office when i moved/LOL
I had a bad experience with Green, maybe 20 years ago. Will not comment more than that, but searching for stock / futures tax accountants will produce number of firms around the country.
This is where networking in your home town comes in. I use to be a Realtor. We didn't just sell real estate. People would lean on us for good quality CPAs, attorneys, carpet cleaners, handymen, ect. Depending on where you live, this is how I would do it. I would ask 20-30 business people who is a good CPA in the area. If the same name comes up over and over again, you can almost guarantee they will be good. They won't be cheap, but good. The same goes for other services in the area. I will mention one thing...About 20 years ago I interviews my former CPA (he died a few years ago). As we were talking, I told him I was interviewing him. He told me that he was also Interviewing ME!! He wanted to see if he was willing to take me on. Was I a headache. Did I have my ducks lined up in a row come tax time...Or was I the kind that just threw a pile at him (a week before April 15) and say "go to it"!! Did I pay my tax/accountant bills with former CPAs...On time. Was I pressing the limit on allowable tax structures?? Having a good CPA can help in the long run...Depending on how complicated your tax situation is. I've been audited 3 times. I handled all three by myself. The most it cost me was $100. from all three (didn't file 2 1099s about 30 years ago...Fine $50. each). Today (if I was audited), I would just let the CPA take and run with it...Turning 67 tomorrow. If the agent is getting all your information online, they would probably want to run a background check on you. They may ask for a retainer if you look sketchy...I know that I would. One last thing. The IRS computer keeps track of which CPAs get audited the most. Their time is money and they will be hiring more people in the coming years. If your CPA is one of those that gets audited quite a bit, there is a good chance you will be audited too. Guilt by association...The CPA does matter.