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There are several requirements depending... #1 NV (and most all States) requires a registered representative who is based in NV. So if you are not living in NV yourself, by law, you must have a NV domicile be the registered agent. #2 If you are registering in NV but are not actually IN...

I find this unbelievable. Is it possible that what is meant here is that one felony conviction will inhibit you from obtaining a Series 7, for life? updated: A search found this: The firm submitted Delacruz's fingerprints to the Department of Justice in June 2002 as part of his Series 7...

Just like anything worth while those who put their nose to the grindstone and work at it, have the right personality, and a bit of good fortune and luck can do wonderfully well. That;s assuming you call low six figures to the mid/high six figures doing well, as I would call it. Build a good...

A partnership comprised of a married couple has many of the same tax attributes as does an s-corporation or an LLC. Each entity type has various differences that may sway your decision one way or the other. As described above, if the only people involved are a married couple, then one might...

An LLC not taxed as a c-corp is your asset and your income. The actual cash distributions have little if anything to do with asset or income. You would report the cash distributions when you are doing a cash flow analysis, such as when you are doing a debt payment workout. One might...

The $3,000 is the net capital loss deductible each year. That's net after netting all capital gains and losses for the year, and net against any capital loss carryforward. That is not net against any non-capital losses - such as ISP fees, real time quote fees, and so on. Those fees and...

Why is this a foreign entity? Is it foreign to both yourself as the founder and also to the investors as well? It might be helpful to know what countries you are resident in and citizen of, ditto for the investors, and finally what country the entity is to be established in and from what...

You might be okay with two sole proprietorships. Or not... depending on all the facts and circumstances and depending on what side of the bed the IS auditor got up from. Having more than one sole propereitorship can be challenged - meaning the IRS wants all your expenses as itemized...

Not paying one's fair share can result in going to prison, and you don't use accountants to do that. otherwise the accountant goes to prison with you. Retaining tax pros to assist taxpayers to structure their affairs to avail themselves to the tax benefits voted in by the US Congress is...

Absolutely, this is not for someone without a huge stash of money to begin with, or someone knowing they'll have significant assets to protect in the future, and therefore it is worth spending the 10's of thousands of $$$ now to get everything in place. The web sites like what was posted...

I came across these paragraphs today and remembered our discussions here. I believe that they are well written and informative. Here they are verbatim, without further commentary from me: What is UBTI and how is it different from UBIT? UBTI is an acronym for Unrelated Business Taxable...

There are basically three issues that are being kicked around here in one way or another: 1) prohibited transactions, self-dealing with the IRA. e.g. taking a fee from the IRA 2) trade or business being operated with IRA funds 3) use of margin / debt to get leverage on top of the actual...

People use these boutique firms so they can invest in things a broker like IB will not allow you to do. For example a Private Placement, Oil Drilling and Development, Real Estate Rentals are all quite common. Even "farther out" investments are had for those who desire them.

Feeling good that for 2 years the IRS has not audited you, while yes it is a GOOD feeling, doesn't mean that the IRS has formulated any opinion on your tax return, rather it likely means that they haven't selected it for a random audit and further, it means that mathmatically it was probably...

Yes, you appear to be mistaken. Most importantly, Sec 475 trader M2M is not elected by means of sending a letter to IRS. Recent published positions indicate that IRS is being very firm on this. IMO, you should discuss these issues with your tax advisor sooner, than later.

Mark2m, I believe that you have mentioned several misconceptions of the Commodities Sec 475 M2M election: how to make it, when to make it, what it is required for. It sounds like you have confused the §475(f)(1) election with the §475(f)(2) election, perhaps? Also you may have confused...

One basic example: Taxpayer has no capital loss carryforward from 2005 into 2006. He qualifies for trader status. He gets a huge severence bonus in January 2006 and uses the money to trade futures with. Significant futures losses are incurred between January 2006 and April 15, 2006. By...

"Legitimate" being the key word. Generally (for what I presume is the typical reader here) there are far and few between "legitimate" offshore structures that the IRS's Passive Foreign Investment Company (PFIC) rules will not pierce.

Actually the rules are a bit different... Yes, the $80,000 exclusion is for US citizens residing in a foreign country for 330+ days per year BUT the exemption is on their EARNED income from sources within a foreign country. (not on their trading gains or investment earnings).

Of interest to me would be a discussion by people who have hyper-traded their straight, directly owned IRA brokerage account, and how they faced the typical restrictions regarding free-riding under Reg T. Also if anyone's straight, directly owned IRA brokerage account has been classified as a...