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I talked to a few people that used them and took a look at their articles of incorporation and other formation documents and was not impressed. In fact I was appauled. It was no where near the quality of work product that I would find acceptible. The gentlemen I spoke with said that they used them in the beginning because they were new to the concept and didn't know what to do. They went on to say that knowing what they know now, they wouldn't use them again.
I also contacted their offices to get specific answers to specific questions regarding their ability to structure some entities for us in states where we hadn't formed entities before and again was disappointed. I'll admit that I have more experience around these structures than most of the people they normally would deal with, but I don't like the idea of me knowing more than the person they have chosen to handle my inquiries.
In my situation we decided that with a little research for the jurisdiction where I was going to set up a trading entity, we could do a much better job in house.
They charged me over $6000 to set up an LLC and CCorp. I blew up my trading account and never actually traded or made any purchases. They still charged $800 to do the corporate taxes.
They did my personal taxes too. They filed an extension then didn't get the extension done on time and filed my taxes, then did a revised tax. All at $100/hour. (It was not extra to file the extension though)
This year I am trying to dissolve the LLC and C-Corp. They charged me $1800. Then they said they didn't know about another $300 fee, which I had to pay. I sent them my corporate 1099 (for interest earned - again there were no transactions, purchases, or trades) and the checking account statements at the beginning of March.
They just emailed me today that they won't be able to get my taxes done and want to file an extension. I can't dissolve the corporation until I have the taxes done and it is my understanding that I have to get the dissolution done now, and can't wait six months. They e-mailed me that I have until 3/16 to send them everything, so they obviously don't stick to their deadlines.
I would not recommend them to anybody. They are a money-making machine and don't have enough staff to get your taxes done on time. Of course, they still charge an "arm an a leg".
The first year I used T.A., I was asked the same questions on several occasions by different tax people. They weren't forwarding my responses to the person(s) doing my taxes. I believe the person that was my contact passed it on to someone else and then someone else (a third person) ended up doing the taxes. A good description would be "the left hand doesn't know what the right hand is doing" at Traders Accounting and they don't get it done on time, but they charge top dollar to do a mediocre job.
That pretty much confirms what I've heard up to this point. Thanks for sharing your experiences. I'll shoot you a PM with some information that may help. Good luck.
yeah, I just flagged a post advertising them on this discussion board
That wouldn't surprise me at all. Many of these type companies have people that do nothing but online damage control. You see it a lot with the stock trading seminar companies. As soon as a negative post arrives on a board, several new profiles will pop up hailing their praises. I've been expecting a new member to pop up in this thread singing about how wonderful they are.
I suppose much of the proof is in the same argument that can be made against the trading seminar gurus. If they could really do what they claim they can teach you to do, they'd be doing it instead of living out of a suit case and punching a clock.
That pretty much confirms what I've heard up to this point. Thanks for sharing your experiences. I'll shoot you a PM with some information that may help. Good luck.
might I get pm about information that might help? I was considering traders accounting cd for stock and option traders but looking at what has been said in the thread would probably need to think twice before doing that. Anyone run into reputable, good accountants for traders in instrucments like options? Any thoughts appreciated.
The PM was actually just an offer to try and put him in touch with someone reputible to clean up his trading entities and disolve them if appropriate without having to continue bleeding money to Traders Accounting for another year which is what it appeared he was saying they wanted him to do.
I've been at this for a long time, and I've yet to see any of the CDs, classes, or software programs that did what they claimed. I think there are some seminar companies that do a better job than others at teaching you the mechanics of the markets and how things work, but they come far from being able to substantiate their claims. I suppose it always boils down to that basic reality check of, if he could teach you to do what he claims he can, he'd be doing it and not living out of a suitcase teaching classes from town to town.
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Traders Accounting?
