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EDUCATION CENTER
INTERACTIVE: FREE CONFERENCE CALLS WITH CHAT

We are happy to resume our weekly free conference calls on April 30, 2009, after taking a break around the April 15, 2009 tax deadline.

Although these sessions are free, informal and often comprised of questions and answers, they are valuable. Ask your questions on the conference call, or by email to info@greencompany.com. Sorry, recordings prior to October 30, 2008 are not available.

Thursdays Conference Calls and/or Webinars, 4:15 - 5:30 pm ET.
Podcast recordings available below.

Join our email list to receive an invitation. Go to the Join Us dialog box on the bottom of this Web page to input your confidential email address. We usually send email invitations a day or two before the events.

Conference Call: Dial 312-878-0224, Access Code: 603-682-315

Hosts: Robert A. Green, CPA/CEO of GreenTraderTax and GreenTraderFunds and Brent Gillett, JD of Investment Law Group of Gillett Walker, LLP.

Special Topics: Vary per week and usually are focused on our current blog articles. They are also included in our weekly bulk email invitations, so make sure to get your invitation by joining our confidential email list below.

General Topics:

Podcast Recordings Available

Just below are links to our recent conference calls. You may click the link to play directly from here, but bear in mind that the action performed is dependent on settings in your browser. You may also RightClick the link to save to your computer for playing in Windows Media Player, QuickTime, or iTunes. These are MP3 files and may be conveniently saved to an iPod or other MP3 device for listening while driving or riding in the train or plane.

Thursday, June 18, 2009 (mp3 file, 8.4 MB download, unedited raw recording).
June 18, 2009 Thursday Regular Weekly Conference Call (Free): 4:15 - 5:30 pm ET
We discussed most of the scheduled topics below.

First 45 minutes of call:
Retirement Plan Strategies and Services for Traders, Investors and Managers.
Whether you want to trade in your retirement plans (securities, futures and/or forex), build it up with annual tax-deductible contributions, borrow money from your retirement plan for personal or business reasons, convert to a Roth IRA for permanent tax-free build-up (special one-time opportunity in 2010 relaxes income thresholds), or take early withdrawals with fewer tax pitfalls, we can help you accomplish your goals. Read our blog article on this subject here. Hosts for this part of the call: Robert A. Green, CPA/CEO and Mark Durham, MBA on retirement plans.

Last 30-minutes of call:
Updates on Trader Tax, Foreign Futures, and State Taxes.

Foreign Futures Update: A foreign futures exchange only receives Section 1256 (lower 60/40) tax treatment on selected instruments if the IRS expressly approves Section 1256 treatment in an official IRS pronouncement. See examples in Revenue Ruling 2009-4 and 2007-26 here. A no-action letter from the CFTC - allowing a foreign futures exchange to offer futures contracts in the U.S. under Rule 30.10A - may be a starting point for achieving this tax-advantaged treatment, but it's not enough on it's own. Recent IRS rulings and guidance have indicated that the IRS pronouncement itself is the deciding factor.

Tax return strategy for futures traders. We now believe it is more appropriate for a futures trader to transfer only the 40 percent short-term ordinary income portion of 60/40 futures trading gains to Schedule C, to zero out trading business expenses. You save even more taxes by not reducing any of the 60 percent long-term capital gains rate portion of futures trading gains. You need to explain it correctly on your tax return.

Moving expenses: We are allowing moving expenses for more traders lately, as it otherwise can be a challenge. Check with us on your specific facts and circumstances.

Foreign bank accounts: Don't forget you need to file TDF 90-22.1 by June 30, 2009. The IRS is very strict on this form now and the penalties are very high for non-compliance. Consult with us if you have questions. Learn more about this requirement at the IRS site here.

State taxes: Not all tax increases are waiting until 2011. New York State passed temporary higher taxes on upper-income taxpayers effective for 2009; and tax advisers are telling their clients to increase their tax withholding accordingly.

'The Enacted Budget includes the largest increase is a temporary Personal Income Tax Surcharge for higher-income taxpayers. This will temporarily increase the marginal State personal income tax rate for higher-income filers for a three-year period from tax year 2009 to tax year 2011. For married couples filing jointly, the marginal rate will increase from 6.85 percent to 7.85 percent for filers with incomes above $300,000 and 8.97 percent for filers with incomes above $500,000.' Plus, if your NYS Gross Income is over $1 million, you lose all your itemized deductions, except for 50 percent of charitable contributions (on the NYS/city tax return only).

I would not be surprised to see other states enact similar "temporary" tax increases; especially California. State budget problems are not temporary and their tax increases may not be either. These types of tax increases are easier to pass with the word "temporary" and unless they have a formal sunset provision, like the Bush Tax cuts of early 2000s, they may be longer-lasting. The Obama administration said no to CA in the first round of rumored bailout requests.

Updates on Investment Management Businesses, including
Obama's Financial Reform Plan and more.
Requires advisers to hedge funds, private-equity funds and venture-capital funds - whose assets under management exceed some modest threshold - to register with the SEC under the Investment Advisers Act; allowing the agency to collect data from the firms. When the fine print is published, Green expects to see stricter registration rules with fewer or no loopholes then currently exist.

Hosts for this part of the call: Robert A. Green, CPA/CEO of GreenTraderTax and Brent Gillett, JD of Investment Law Group of Gillett Mottern Walker, LLP.

Thursday, May 28, 2009
Trader Tax and Investment Management Business
(Length: 1:03, Filesize: 7.3mb)

Topics include:

  • 0:00 Current Situation Remarks
  • 0:03 Forex: new CR2-43b prohibits simultaneous long & short
  • 0:15 Better way to implement this ruling
  • 0:18 Tax return: entity might be better than dual occupation
  • 0:22 Triggering SE tax as "floor trader"
  • 0:25 Avoiding SE tax with an S corp
  • 0:28 Investment management report
  • 0:32 Supplier of market signals: license as investment advisor?
  • 0:38 Usage of mutual fund hybrid
  • 0:42 GreenTrader Self-directed retirment plan
  • 0:45 Options trader: be sure you meet the test
  • 0:52 Abandon MTM? Probably no. Maybe use NOL carry-forward
  • 0:59 Futures traders: tax benefits

Thursday, May 21, 2009
Changing Standards
(Length: 1:09, Filesize: 7.9mb)


Topics include:
  • 0:00 Current Situation Remarks
  • 0:01 Net capital for FCMs increased to $15M
  • 0:02 Forex traders will take NFA Exam 3 and maybe Exam 34
  • 0:03 States examine registrations more closely
  • 0:05 Need one set of standards nationwide, not by states
  • 0:08 Registration required for somebody in trading chain
  • 0:17 Forex hedging rule change & Martingale strategy
  • 0:26 Legal standing of unregistered Forex brokers
  • 0:29 Due diligence required for any FCM or FDM with whom you do business
  • 0:35 Example: trading in multi-country setup
  • 0:40 Speculation on big picture for regulation change
  • 0:45 Can sole proprietor trade retirement account?
  • 0:55 Sole proprietor and home office deduction
  • 0:57 Morphing from trading equities to futures: is this okay?
  • 0:59 Is registration required to trade own money?
  • 1:00 Recap on possible Forex dangers
  • 1:04 Tax implications of moving account to U.K.

Thursday, May 14, 2009
Trader Tax Updates
(Length: 1:11:10, Filesize: 8.1mb)

Latest news and views on trader taxation.

Topics include:
  • 0:00 Current Situation Remarks from Robert Green
  • 0:04 Update on investment management businesses from Brent Gillett
  • 0:06 Forex account in foreign country? What are the tax effects?
  • 0:13 Must file Form TDF90-22.1 for foreign financial account by June 30, 2009. http://www.irs.gov/businesses/small/article/0,,id=148849,00.html.
  • 0:15 Be careful choosing foreign Forex account and make sure your money is safe
  • 0:18 Only a "new taxpayer" (entity) can internally-elect Section 475 MTM within 75-days of inception. Using an old entity for trader tax status and Section 475 can be more trouble than it's worth
  • 0:22 Current or proposed changes for CTA's with CFTC and NFA?
  • 0:24 Tax deductibility of investment advisory fees is a serious problem. Investment expenses are usually very restricted (2 percent AGI limitation and AMT preference)
  • 0:28 Political update on regulatory and tax matters effecting traders and investment management businesses
  • 0:38 Reminder: traders did not cause the meltdown and they should not be singled out to pay for the clean up
  • 0:39 Swap contracts and other OTC derivates could be forced on to new exchanges and that could be a whole new arena for traders
  • 0:41 What instruments look best from taxation viewpoint?
  • 0:44 Trader status: toward a better set of tests
  • 0:48 For deductibility: may be different way to structure business
  • 0:50 Monitoring of futures trading, proper use of footnotes
  • 1:01 Had trouble with TradeLog on partial fill orders and how it was fixed
  • 1:04 More on FCMs and CTAs
  • 1:05 Forex accounting

Thursday, May 7, 2009
Tax Topics
(Length: 1:05:20, Filesize: 7.5mb)

Question and answer on tax topics.

Topics include:
  • 0:00 Deductibility of CTA fees likely a problem
  • 0:07 W2 income coupled with trading loss
  • 0:12 Brent: update on recent issues
  • 0:15 Sec475 and F3115
  • 0:20 New York City entity setup
  • 0:25 Wording on Sec475 election: be careful
  • 0:27 Managed Accounts gaining in popularity
  • 0:41 Brokerage accounts must use the correct names
  • 0:43 Office in NYC? Some entity better register in NYC.
  • 0:49 Payroll in your LLC? No,use Administrative Fee.
  • 0:51 Remember your Quarterly Estimated Tax Payments
  • 0:54 Need to register if trading for a relative? Depends . . .
  • 0:56 Beltway taxation trends: current remarks
  • 1:02 What type of entity do I need?

Thursday, April 30, 2009
Current Tax Issues
(Length: 1:07:45, Filesize: 7.8mb)

Current political and legislative picture plus answers for specific tax situations.

Topics include:
  • 0:00 Current Situation Remarks
  • 0:14 Forex spot/forwards proper reporting
  • 0:18 Clarify 1099 issue: commissions on Futures
  • 0:22 Use of IRA funds in an entity: maybe, with care
  • 0:26 Getting MTM
  • 0:28 Clarify features of S1256 v S475
  • 0:33 Will 60/40 stick around?
  • 0:43 Capital requirements: IA, hedge funds
  • 0:48 Trading in IRA
  • 0:51 NOL reporting
  • 0:57 Any hope for change in Capital loss limit?
  • 0:59 Fix for failure to report wash sales
  • 1:00 Part-time trader factors
  • 1:03 Investment activities separate from trading business

Thursday, March 5, 2009
Politics, Taxes, and the Active Trader
(Length: 1:26:13, Filesize: 9.9mb)

Are you politically active in defense of your trader business? Most traders focus on the mechanics of trading - that's great. But right now, you may want to pay some attention to Potomac Fever. A review can save you hundreds or even thousands of dollars over its cost. Rapid change on the tax front can work against your prior plan.

Topics include:
  • 0:01 OPM? Do you need a managed account for investor confidence?
  • 0:03 Will traders be the scapegoat for 9/18 (Investment World 9/11)
  • 0:12 Offshore or Foreign Investor in your fund? What implications for everyone?
  • 0:17 Do you need a review? Plan carefully to use up your capital losses
  • 0:21 Contact Info
  • 0:23 MTM election done right?
  • 0:26 Carryback draws IRS attention. Don't try this at home
  • 0:32 Use 3115 and Perjury Statement from the Guide
  • 0:33 Plan the work! Work the Plan! If you went off Plan, do you need a review?
  • 0:37 Do traders need their own PAC or similar? Or go gracefully to the guillotine?
  • 0:48 Watch out for AMT on carrybacks and be glad you have an entity
  • 0:52 Ben Brown: what's happening out there? Get safe. Get 3rd party validation
  • 0:54 Victim of fraud? - Madoff, Stanford, etc.? We have solutions on the tax side
  • 0:55 Brent Gillett: fund setup costs
  • 1:03 Tax filing dates and related tax matters
  • 1:06 Fraud claims: limitations, interpretations. WSJ article.
  • 1:13 How would an existing operation move to NorthPoint Trading Partners?
  • 1:15 Implications: Hedge Fund (straight) or Commodity Pool (Managed Account)
  • 1:22 Another look at the political side of tax legislation

Thursday, February 26, 2009
Worrisome Mood in Washington
(Length: 1:25:23, Filesize: 9.8mb)

We're playing close attention to the Beltway Bombast, and we hope you are, too. Planning to elect Trader status? Stay up to date on your TradeLog accounting. Get your documents together and to your accountant now so you can file your extension on time. You may want to write Congress - they keep talking about a Transaction Tax.

Topics include:
  • 0:00 Tax law changes
  • 0:10 Tax tips and prepare now for your extension
  • 0:16 Self-Administered Retirement Plan
  • 0:18 Investment fraud and Ponzi schemes
  • 0:22 Defrauded? If it's Return of Capital, go for ordinary loss
  • 0:25 Proprietary Trading the right way
  • 0:30 On Social Security and have trading loss? Need to file?
  • 0:32 Transaction tax? Not yet, hopefully never, and not on Forex spot
  • 0:34 Need to be Broker Dealer, or not? Sub-S LLC cost of entry.
  • 0:36 Sec 475 can help you, even with a loss
  • 0:41 Receive a 1099 on Forex? Not proper, but here's a safety move
  • 0:43 Forex may not fly under the radar forever
  • 0:47 Protections may come over investor concerns, but what's the fallout?
  • 0:54 More on possible Transaction Tax
  • 0:57 Clarification: index option treatment
  • 0:59 TradeLog best for Cash Basis or MTM
  • 1:04 Hedge fund for family or OPM? Demonstrating prior performance
  • 1:12 Should you have an entity, even with a loss?
  • 1:15 Trading firms recruiting and asking you to pay? Watch your step
  • 1:23 Using C-corp for trading? Please, no

Thursday, February 12, 2009
Self-Administered Retirement Plans
(Length: 1:19:15, Filesize: 9.2mb)

We will soon be offering special GreenTrader conceived "self-administered" Mini 401k retirement plans (regular and Roth), as well as other types of retirement plans. Our plans will contain value-added features like plan loans, the ability to trade on margin, in futures, forex, and to make other types of investments (for example into hedge funds). Most brokerage firm (cookie cutter) retirement plans do not allow any of the these features.

Topics include:
  • 0:00 Self-administered retirement plans
  • 0:07 Meet Mark Durham
  • 0:11 New traders entering the market
  • 0:16 Do you need 3rd party validation?
  • 0:18 Small trading desk is the place to be
  • 0:24 ABL (Asset Based Lending) focused funds savings
  • 0:27 Will 60/40 on commodities stick around?
  • 0:35 New SEC Form D filing update rule
  • 0:38 IBD article on 60/40 rules
  • 0:43 Forex spot: are you doing it right tax-wise?
  • 0:53 Trader status as retiree
  • 0:55 Wash sales? TradeLog to get it straight
  • 0:57 Clarification of self-administered retirement plan
  • 1:00 Gains on Forex and quarterly estimate impact
  • 1:06 Care required in partnership with other than spouse
  • 1:14 Can you capitalize startup cost?

Thursday, February 5, 2009
Review Your Structure for the Coming Year
(Length: 1:14:46, Filesize: 8.6mb)

Savvy trader entity structures to save your tax dollars. Check your setup now if you need action before April 15 or March 15 (S-corp).

Topics include:
  • 0:03 Will you get stuck with losses you can't deduct?
  • 0:07 GAAP vs Taxation: Still two different worlds
  • 0:12 Liability issues: frontdoor vs backdoor risk
  • 0:15 Your state of residence impacts your choice of structure
  • 0:18 Latest from D.C.
  • 0:22 UBT (Unincorporated Business Tax): impact on NYC residents
  • 0:27 Reversion to Investor Status from Trader Status, and vice-versa
  • 0:29 Protecting your MTM election
  • 0:33 Liability issues revisited with Brent Gillett
  • 0:37 Single? What options for your structure?
  • 0:42 Hedge fund transparency
  • 0:45 Trader Status: general guidelines
  • 0:49 Custody of funds: 3rd party affirmation may be important
  • 0:55 More on states and structure
  • 0:58 Dissolving an entity
  • 1:00 Trader Status: arranging your affairs to achieve it
  • 1:05 Entity may help avoid scrutiny
  • 1:10 Wash sale rule: very broadly applied now

Thursday, January 29, 2009
Improve Your Financial Engineering
(Length: 1:14:59, Filesize: 9.1mb)

More tips and techniques for getting started on the right foot, and for improving your future in 2009.

Topics include (Times are approximate)
  • 0:01 Trading for Others: Small Mutual Fund?
  • 0:15 RediPlus and ThinkPipes trading automation
  • 0:19 Changes for CTAs?
  • 0:23 Wash Sale Rule clarification
  • 0:30 ETFs: watch out - taxation varies, but rules may not follow logic
  • 0:35 NOL: great unless your trader status is on slippery footing
  • 0:38 AMT & NOL: clarification
  • 0:44 Will an entity protect you from Schedule C traps?
  • 0:52 Transaction Tax: write Congressman Peter DeFazio
  • 0:58 Trading for Others: beware commingling, use correct structure
  • 1:04 Switching from Schedule C to LLC in mid-year
  • 1:07 Incubator Fund to establish a track record

Thursday, January 22, 2009
Entity Strategies: Avoiding Snares
(Length: 1:04:02, Filesize: 7.5mb)

Your entity structure is intimately entwined with how you run your business, the deductibility of expenses, and what you can legally do within that business. Proper guidance in tactics and structure is imperative to the accomplishment of your individual goals -- there is no such thing as an "off the rack" business structure for traders. Informed counsel is essential to avoid putting yourself in a box. Will your business model be able to take advantage of every tax-saving opportunity?

Topics include
  • Will a small mutual fund be in your future?
  • Transaction Tax: write your Congressman and Senators
  • Forex - Commodity Trading Advisor update on registration news
  • Trading for others: Has the agreement with your broker inadvertently made you an Introducing Broker?
  • Compensation and entity structure: pitfalls to avoid
  • Trader vs Investment Manager
  • Using Dark Pool to safely trade illiquid, low-V stocks
  • PFIC - Passive Foreign Investment Company: useful in special situations, but be careful

Thursday, January 15, 2009
Transaction Tax: A Bad Idea
(Length: 51:48, Filesize: 5.9mb)

Thursday, December 11, 2008
Entity Advantages for 2009 Trading
(Length: 1:11:06, Filesize: 8.1mb)

Thursday, December 4, 2008
Trader Issues
(Length: 1:14:00, Filesize: 8.5mb)

Tuesday, November 25, 2008
Numerous Issues
(Length: 1:09:10, Filesize: 8.5mb)

Thursday, November 13, 2008
Numerous Issues
(Length: 1:09:21, Filesize: 8.2mb)

Thursday, November 6, 2008
Numerous Trader Issues
(Length: 1:09:52, Filesize: 8.0mb)

Thursday, October 30, 2008
Expected Tax Changes In 2009
(Length: 1:13:46, Filesize: 8.4mb)

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