Month: December 2013

FINRA Update

We have received many inquiries relating to a recent Financial Industry Regulatory Authority (FINRA) posting, as part of their weekly update relating to a firm’s designation of accountant, which reads: “As a reminder, SEA Rule 171-5(f) (2) requires firms to file a statement with the SEC and its Designated Examining […]

Another Investor in Trader Clothing

Back in October I blogged about Mr. Endicott who got himself embroiled in a skirmish with the IRS over his status as a trader or investor for tax purposes -[http://frankandtothepoint.com/2013/10/09/clearing-back-the-brush-between-trader-and-investor/]. The Tax Court took a detailed look at Mr. Endicott’s activities, counting his trading days, number of trades, calculating an […]