Day Trading Debate Continues

BY WESLEY N. COOPER

After noting the inconsistencies between two articles in the JofA, Oct.00, “Paying the Piper: Some Tax Rules for Day Traders” (page 115) and “Being a Trader in Securities” (page 118), I read with interest the clarification “Day Trading and Self-Employment Taxes” ( JofA , Jan.01, page 80).

While researching the topic, I identified IRS guidance that appears to contradict the perspectives presented in the clarification. The URL for this guidance is www.irs.gov/plain/forms_pubs/pubs/p5500409.htm .

Wesley N. Cooper
Weatogue, Connecticut

Features

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.

From The Tax Adviser

From CPA Insider

Magazine