Green Trader Tax

I figured they would overcharge clients based on the breakdown of rates they gave me. All they could say was it was an hourly rate with a minimum of almost 2000.
No one has been able to say how much they paid for their accounting services.

I also can not get an answer from them on how much additional it would cost for them to submit TTS / Exemption 475 for the 2021 tax year.

Has anyone handled this in the past and able to shed light on the steps needed to do to file TTS / Exemption 475 to get MTM?
 
fishindamarket said:
No one has been able to say how much they paid for their accounting services.
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Haven't used them in over a decade. But when I did, I filed a joint (de facto partnership) Schedule C. The fee was $800, more than double what the moonlighting plumber at HRBlock charges. For the price I "learned" about the necessary footnotes for filing a Schedule C trader return. fwiw, my trading was (still is) nearly 100% 1256 contracts, iow pretty simple! My initial consultation fees were credited to the tax prep charges as well.

fishindamarket said:
I also can not get an answer from them on how much additional it would cost for them to submit TTS / Exemption 475 for the 2021 tax year.
Has anyone handled this in the past and able to shed light on the steps needed to do to file TTS / Exemption 475 to get MTM?
More...


For an individual, pretty sure 475 needs to filed by April 15 (or whatever the official tax dateline date was/is) of the TAX YEAR being filed.

For an EXISTING entity, pretty sure 475 needs to filed by March 15 (or whatever the official entity tax deadline was/is) of the TAX YEAR being filed.

For NEW entities, pretty sure it can be filed within 75 calendar days of entity formation.

And don't forget to file a 3115 change of accounting method after electing 475!!

For the record... TTS status is based on facts and circumstances. There is no formal IRS procedure to "qualify". However, without TTS status in the eyes of the IRS, a properly and timely filed 475 will be disallowed.
 
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tiddlywinks said:
Haven't used them in over a decade. But when I did, I filed a joint (de facto partnership) Schedule C. The fee was $800, more than double what the moonlighting plumber at HRBlock charges. For the price I "learned" about the necessary footnotes for filing a Schedule C trader return. fwiw, my trading was (still is) nearly 100% 1256 contracts, iow pretty simple! My initial consultation fees were credited to the tax prep charges as well.




For an individual, pretty sure 475 needs to filed by April 15 (or whatever the official tax dateline date was/is) of the TAX YEAR being filed.

For an EXISTING entity, pretty sure 475 needs to filed by March 15 (or whatever the official entity tax deadline was/is) of the TAX YEAR being filed.

For NEW entities, pretty sure it can be filed within 75 calendar days of entity formation.

And don't forget to file a 3115 change of accounting method after electing 475!!

For the record... TTS status is based on facts and circumstances. There is no formal IRS procedure to "qualify". However, without TTS status in the eyes of the IRS, a properly and timely filed 475 will be disallowed.
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Would there be a tax due for unrealized gain after MTM selection?
 
mervyn said:
Would there be a tax due for unrealized gain after MTM selection?
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IDK

With few exceptions that do not involve year end considerations, my entity day trades only, meaning flat EOD, every day. MTM in the context of your question is not applicable to me.

On personal investments: they are investments, not part of a trading business. MTM is not elected, and not applicable.
 
tiddlywinks said:
IDK

With few exceptions that do not involve year end considerations, my entity day trades only, meaning flat EOD, every day. MTM in the context of your question is not applicable to me.

On personal investments: they are investments, not part of a trading business. MTM is not elected, and not applicable.
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if that is what you trade and doing it on schedule c, other than some expenses deductions, there is no different between selected and unselected as tts.
 
mervyn said:
if that is what you trade and doing it on schedule c, other than some expenses deductions, there is no different between selected and unselected as tts.
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My entity files 1120s. I have not been a Schedule C trading business in years!!!

Plus, you do not understand TTS.... it is not "selected". You qualify or you don't. And that is regardless of what "you" call yourself. All that matters are the facts and circumstances of the trading business in the eyes of the IRS.

Without TTS, you are not a trading business in the eyes of the IRS. MTM and business tax breaks are not allowed.
 
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Are you saying that if you hold swing positions in your account that you day trade in that you aren't allowed to be considered TTS / Exemption 475 because it's not strictly all day trades?
 
I’ve been with green since like 2012 or so. The prices literally just keep going up up up. It’s like riding the Long Island railroad and nyc subway. Basic package is now a 22% increase in 2021 vs 2020. Quite frankly it’s getting annoying but to save $500 somewhere else isn’t worth the hassle since they never did me wrong. I will say this though the “planning” portion is literally nonexistent you have to ask whatever it is you want to know. No one is sitting there waiting to give you advice on “hey you could save more if you did xyz” all in all I’ve never been audited and filings always went through, but the value just isn’t there for what you get honestly. However as I stated what is the alternative? You want to make $500k+ per year then this is the cost of doing business I suppose.

For reference my usual bill with filing + accountant services is like 1500-1700 per year now but was much cheaper years ago. Will be more this year obv since they raised prices yet again but the biggest jump ever year over year and I’m not sure why.

Lastly they aren’t excepting new clients from what I’ve read in their emails until all current clients pay for the services by November 22nd…yes now we are expected to pay for the services in 2021 when I’ve always done so in January. If I don’t, the email basically fear mongers that I might no longer be a client. Real nice considering I’m going on damn near 10 years with them. Problem is I’m lazy and I gotta put a premium on the fact that starting a new relationship with some random stranger is not what I want to do right now so congrats green u got the boot on my neck and I’ll be paying the price gouged service on my credit card as of tonight. Hope that clears some questions up for you
 
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TraderLT1 said:
For reference my usual bill with filing + accountant services is like 1500-1700 per year now but was much cheaper years ago. Will be more this year obv since they raised prices yet again but the biggest jump ever year over year and I’m not sure why.
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for all the time you save diy, 1.5k is cheap in tri state.
 
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