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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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stock trading business
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Anonymous
Not applicable
03-19-2021
12:16 PM
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HELLO EVERYONE
I have a client you established an s-corp for stock trading, when I integrated his transactions to pro connect nothing was categorized the right way, aren't stocks inventories? and if not how do I categorize them. I really appreciate your help if you can show me where can I learn how to do the accounting for this type of business.
THANKS
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1 Comment 1
goshen9882
Level 3
03-19-2021
12:28 PM
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Traders that acquire stock is NOT treated as inventory.
Google day traders or traders. There is a plethora of information out there and what may be clear for one may not be clear for you. As such, doing your own Google will allow you to choose the commentary that explains this in terms you understand.
