Search results

Webinar Recording: Wednesday, March 28, 2012, 1:00 - 2:15 pm EST Botched 1099-Bs, Form 8949 Differences, Tax Prep Tips, Extensions & MTM Elections Panelists: CPAs Robert Green, Darren Neuschwander, and John Padgett of GreenTraderTax Comment: See the smoking gun on botched 1099-Bs...

Agree, wash sale losses are the item that brokers botched the most on Form 1099-Bs and Congress should scrap those rules entirely. Thanks for signing the petition, we traders are not going to let this stand.

Thanks Jack for posting the petition. It's getting lots of signatures and we will have an impact! We need 50,000 signatures. Reply to above post. Even when traders hire our CPA firm, we can't fix botched broker-provided 1099-Bs or poorly designed rules. We need to fix this problem at the core...

Same answer as my last post. Yes, don't include phony wash sales reported by the broker on the 1099-B, but you still have to worry about an IRS notice. It pays to force the broker to fix the 1099 rather than endure a tax notice or exam later. The extension gives you more time to let the dust...

For sure, many brokers botched the wash sales. TradeLog will show the correct P&L and wash sale adjustments. But, if your 1099-B has errors on wash sales, we expect the IRS to send tax notices about it. tradeLog will show the necessary reconciliation difference on Form 8949, but that extra line...

Securities Traders Need Tax Relief on IRS Cost-Basis Reporting Rules http://greentradertax-traders-association1.rallycongress.com/6447/securities-traders-need-tax-relief-on-irs-cost-basis-reporting-ru/?m=758320 If you want to fix this problem, please sign and send our petition today. Get...

Petition: Securities Traders Need Tax Relief on IRS Cost-Basis Reporting Rules http://greentradertax-traders-association1.rallycongress.com/6447/securities-traders-need-tax-relief-on-irs-cost-basis-reporting-ru/?m=758320 New “cost-basis reporting” rules for 2011 are not functioning...

Rethinking the Distortions of Banking - NYTimes.com http://www.nytimes.com/2012/03/26/business/global/26iht-dixon26.html?_r=1 A call to bury FTT proposals from an industry insider published in the NY Times - finally! - and this Reuters Breakingviews writer makes a case for FAT instead. Or...

Incorrect. You can't even enter trades directly on Schedule D. Perhaps, what your accountant means is that you can e-file your return, and paper file the form 8949 attachments along with a Form 8453. We do that every year, since an e-filing for individuals does not allow a PDF attachment.

TradeLog difference line Yes, TradeLog currently displays a "difference adjustment" amount as a separate line item on Form 8949, in order to reconcile with 1099-Bs. We expect the IRS to use their computer-matching program to reconcile Form 8949 filings with 1099-Bs, and if the two don't...

Yes, when lots of numbers don't match something is wrong. First, we gave IB a A grade for generating 8949, but now take it back with the numbers not matching. We are investigating this problem.

We have some IB clients where the IB-generated Form 8949 doesn't match their own 1099-B on basic items. This concerns us.

The Basics on Cost-Basis Reporting: If you trade or invest in securities, you need to learn about “cost-basis reporting,” a new set of IRS rules for taxpayers starting with 2011 tax filings. Previously, taxpayers could simply enter their capital gains and losses (proceeds, cost basis and...

Should I write up a Petition to Rally Congress on this matter? Earlier this week, I emailed top IRS people in leading roles for cost-basis reporting our request that the IRS computers not match taxpayer Form 8949 filings to broker-provided 1099-Bs. I asked the IRS to read all our content on...

Eric has it right. He broke the chain on wash sales - making them all go away - by not trading any substantially-identical positions in December. I'll check the broker 1099 preparation rules to see if they are making an error in reporting potential wash sales versus actual wash sales...

Yes, brokers have filed these 1099-Bs with incorrect wash sale information with the IRS. Although, taxpayers are requesting corrected 1099s from brokers, some brokers may not have solutions in place to correct the wash sale information. We currently recommend reporting correct trade...

Brokers are only reporting <i>potential</i> wash sales, not final wash sales - GreenTrader Weblog http://www.greencompany.com/blog/index.php?postid=142

We will reply to some of your posts soon with specific answers and help. My new blog should shed further light on the problems in reconciling 1099s to trade accounting on Form 8949. Mar 20 12 - IRS, why force taxpayers to reconcile securities-broker 1099-Bs to tax returns, when your rules...

French Socialist urges Tobin tax, eurobonds for growth | Reuters http://www.reuters.com/article/2012/03/17/us-france-election-europe-idUSBRE82E0X520120317 Socialists want FTT, no matter how much it's counter-productive, because it fuels their populist outrage against finance. Socialists view...

Webinar Invitation: Join us for "Learn How To Use TradeLog to Deal with Cost-Basis Reporting Problems on 2011 Tax Returs" on March 20, Tuesday @ 1:00pm ET. https://www1.gotomeeting.com/register/521587681 We will thank Elite Trader on the Webinar for spreading the word on these threads, and give...