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Traders Accounting
Country: United States
Website: http://www.tradersaccounting.com/
Description
Traders Accounting opened their doors in 1998, and launched the website a few days later. Their aim was very simple, help traders succeed by taking their minds off of recordkeeping and taxes. Their original motto was, "You trade, we'll do the rest."
To get the word out about their services they wrote articles, spoke at trader conferences, and basically did everything they could to get their name in front of the growing legions of online traders.
An IRS Insider Who Knows What Works and What Doesn't
Part of their initial team was Duane Severson, the former head of the west coast audit division of the IRS. With his unrivaled background and insider access to IRS practices, they were able to investigate every possible tax strategy that might benefit traders.
Pioneering Work on the Definition of Trader in Securities
One of the hottest areas of inquiry, was and is to this day, the concept of Trader in Securities. Duane was a pioneer in uncovering the IRS's attitude towards online traders and their ability to write-off their trading expenses and losses.
An Exhaustive Inquiry into the Use of Legal Entities for Traders
Another founder, Joe Wishcamper, Esq, was able to investigate the intricacies and nuances of using legal entities for one's trading capital. Joe's exhaustive work, along with Duane's IRS knowledge has made it possible for Traders Accounting to offer consulting services to Traders that is unparalled in the industry.
Meet Laura Johnson- Trader Taxation Expert
Their Tax Director, Laura Johnson, CPA is the nation's authority on Trader Taxation. Laura has a wealth of experience to serve tax clients from around the United States.
Mistakes They Have Made and Lessons They Have Learned
The first year they started out, they were fortunate enough to be mentioned in articles in Kiplingers, Forbes, and BusinessWeek. On the other hand, all the publicity was a problem.They were swamped with traders looking for help. They were buried, and didn't fully dig out for almost a year. Wow! It was the most difficult year of their lives, trying to keep up, and still provide excellent service. That year forced us to re-evaluate our business model, in order to keep with our desire to provide unsurpassed customer service. Here is what they did:
- We began offering year-round bookkeeping in order to create more efficiency at tax time. Now, many of their clients simply send us their brokerage and bank statements each month, and they reconcile their accounts and provide them with regular financial reports. With this kind of organization, tax time is a breeze for they clients.
- To help better educate our clients, they started publishing our Tax Tips for Traders newsletter and publishing informational guides on Trader Taxation.
- They started speaking regularly at national events to teach traders and CPAs about Trader Taxation.
Fortunately, their pro-active efforts with our clients, they have reduced the number of traders who send them shoe boxes full of unmatched trade slips, receipts and W-2s at the last second! However, if that still describes you, don't worry, they always save a place for you. :)
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