We
recommend Green's Webinar recording "Tax Benefits for Active
Traders" presented by Rockwell Trading on Oct. 26,
2010.
It's 60-minutes followed by Q&A for 20 minutes. It's available
from Rockwell Trading for this week only, so click here to
watch it. There were many questions we did not
have time to get to, so we agreed to cover those questions on this
week's Thursday conference call. See details below. We also just started a
limited-time promotion on
consultations with Robert A. Green.
Rockwell Trading is doing a
Webinar for our users today Wed. 10/27 at 4:30pm ET
"Money
Management: Tips for Minimizing Risk & Maximizing
Returns." We recommend it
too. Click here for
registration.
Our
podcast on Oct. 21st was a good one.
Click here for streaming mp3 file (75:00
length).
Subjects: Year-end tax tips for this uncertain time. Additional
topics per email invitation: New CFTC forex rules,
Financial-transaction tax, Dodd-Frank Fin Reg changes, Investment
management business and more. Robert starts the podcast with his
commentary and predictions for the Bush tax cut political intrigue.
Next, we explain how only real foreign banks - with true banking
operations - have an extra 270-days to comply with the new CFTC
forex rules. We discuss the fall-out of the new forex rules and
changes we hope to influence through the Traders Association on
doing away with the problematic hedging rule (forcing FIFO). We
have lot's of good Q&A including: trading in retirement plans
with do's and don'ts tax and regulatory-wise; Roth versus regular
retirement plans and more.
Conference Call & Podcast
This Week:
Thursday,
Oct. 28th, 4:15 - 5:30 pm ET
Dial 312-878-0224, Access Code:
603-682-315
An mp3 streaming podcast will be available after the call. Click here for podcast
archives.
Topics:
We cover these same topics on many
weeks, and include updates for this week below.
- Year-end tax planning. Click here for Robert Green's blog
article dated Oct. 19, 2010. Green's Forbes blog version.
RMD (required minimum distributions) from retirement plans
resume for 2010, after a hiatus allowed in the stimulus bill. Get
your lower long-term capital gains tax rates while you can, as they
are now 0, 5 and 15%. More pundits and financial news commentators
are coming around to my prediction all along that Congress might be
in gridlock on the Bush tax cuts and they may punt any compromise
deal - like extension for middle-class only or the rich too - until
the next Congress, which they expect will have a different balance
of power. That means that everyone's tax rates may climb around 3%
starting with their first paycheck in January. If you think you are
upset with Congress now, wait until your take-home pay drops. Does
Congress have a secret intention to spur taxpayers into
accelerating income to make higher tax payments for 2010 (at lower
rates), to help the budget deficit? Is Congress letting the Fed do
talk of QE2 and ladder monetary-stimulus first, before resorting to
more fiscal stimulus with extension of the Bush tax cuts?
- New CFTC forex rules went
into effect on Oct. 18th for RFED accounts. Foreign banks have
extra 270-days to comply. We will continue discussing the fall-out
and experience of forex traders in adapting to these rule changes.
Several foreign brokers claim to be banks to have 270 more days,
but they are not banks and as brokers they are now unregistered
non-compliant counterparties for forex transactions with
Americans.
- Financial-transaction tax (FTT).
One silly Congressman in the U.S. proposes a 1% transaction tax on
every financial transaction, including everyday purchases of
consumer items, bank deposits and withdrawals and credit card
transactions. It's in his proposed bill H.R. 4646 "Debt Free America Act."
Oddly, he suggests exempting some securities. Thankfully, he can't
even drum-up one co-sponsor, and no one takes him seriously.
Congressman Peter De-Fazio (Dem-OR) was a big sponsor of an FTT on
trading, and he was taken seriously although his bill went no where
with leadership. We were happy to see a hedge fund manager funded
negative TV ads against De-Fazio in the upcoming midterm election.
We should have considered asking every trader to contribute $25 to
his opponent as well, but it's too late now. Maybe
next time.
- Dodd-Frank Fin Reg changes. There
are still many unintended consequences unfolding. As a result of
Dodd-Frank Fin Reg Title IX and a recent SEC No-Action letter -
dated Oct. 12 on SEC Rule 206(4)-2 (the "Custody Rule") and the
annual audit requirements - independent auditors of hedge funds are
now subject to Public Company Accounting Oversight Board (PCAOB)
oversight, registration, compliance and enforcement. This may raise
audit costs and make it harder to line-up a good audit firm with
timely-service, especially for smaller hedge funds.
- Investment management
business.
- Entities and retirement plans. There is still
sufficient time in 2010 to form your own trading entity and related
retirement plan to save more taxes this year.
Hosts: Robert A. Green, CPA/CEO of
GreenTraderTax, GreenTraderFunds & Traders Association, and
Brent Gillett, JD of Investment Law Group of Gillett
Walker, LLP.
We greatly appreciate your support in joining our Traders
Association by paying $50. Please visit our Traders Association
Web site section to learn more.
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Upcoming Trade Shows and
Webinars:
Trade
Shows:
Attend Green's classes at the Las Vegas Traders Expo Nov. 19.
Online Webinars:
CyberTrading
University (11/9)
OptionsXpress
(12/7 and 12/14).
Contact the above companies to receive an invitation. Be on
the look out for invitations to some of these events too.
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Greetings!
If you have any questions, please contact
our customer support at 888-558-5257
(toll-free in US only), or 646-216-8061
(worldwide), or by email to
info@greencompany.com.
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Tax Preparation &
Planning:
Preparation and planning of federal and state income tax returns
for traders (retail, proprietary, and hedge funds [both individuals
and entities]) is our core business. Click here to
learn more about our tax preparation and planning services.
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GreenTraderTax
Guides:
 The Tax Guide for Traders (McGraw Hill 2004
hardcover & pdf). Comes with free updates in our login
area.
2010 GTT Guides: 2009 Tax Return Examples for Securities Traders
and a separate examples guide for Commodities, Futures &
Forex/Currency Traders (online). We also have an Accounting
Guide.
Green's 2010 Trader Tax Guide.
Our hardcover book covers important tax information, and although
trader tax laws haven't changed significantly since 2004, there are
many important new strategies, dos and don'ts, tips and tax law
changes included in Green's 2010 Trader Tax Guide. The hardcover
book covers the basics and the 2010 guide covers the latest updates
and strategies. |
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Tax Center:
See our articles on trader tax, MTM, entities, retirement plans,
tax treatment, securities versus futures, forex, precious metals
versus base metals, global tax, non-resident alien traders, IRS
exams, and much more.
Blog:
Robert Green writes about many hot topics for traders including tax
law changes, trader tax, proprietary trading, real estate losses,
and more. Robert Green is
now blogging on Forbes.com too.
Tools:
We are also pleased to offer our users and customers this tools
section, including general tax, financial and business resources.
This tools section is the only area of our Web site that is powered
by a third-party company, and they do an excellent job.
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Consultations:
After you read, view and listen to our leading content about trader
tax, forex tax, tax changes, entities and retirement plans for
traders, hedge funds/advisers, and proprietary trading firms, you
will probably have some good questions for our Robert A. Green,
CPA.
PROMOTION: $25-off
regular 30-minute price for Oct. 27 to Nov. 30,
2010.
Click here to learn more or
purchase and schedule a consultation.
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Trade Accounting Software &
Services
Our trade accounting software (and our accountants too if you need
help in that area) can handle your trade accounting needs.
TradeLog® for GreenTraderTax.
Learn more how TradeLog is much better than any other program
for active traders.
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Webinars, Radio & Trade
Shows:
Most are archived so you can take these Webinars anytime you
like.
Plus, due to popular demand, several more Webinars with Green are
coming soon from most of these companies.
- NYC & Vegas Traders Expo
Classes
Join Green in Las
Vegas in Nov. 2010.
- CyberTrader Univ.
- MoneyShow.com (many educational
videos, Webcasts and interviews with Green)
- FXCM & DailyFX.com
- CBOT
- optionsXpress
- Lightspeed
- DTI
- Vince Rowe Radio Show
- NYS Society of CPAs
- Rockwell Trading
- TraderInterviews.com
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