Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (89627)	2/18/2001 5:30:11 PM
From: Knighty Tin	Respond to of 132070

ild, they will probably start with the totals, which they will have by his tax i.d., and then audit any mismatches between brokerage totals and 1040 totals. And also take a random sample of non-suspicious traders. Yes, it is a monumental task, but the IRS always starts with one simple starting place: YOU do all that work and bring it in for us to look at, then we will selectively access certain information to see if you reported it. This has always been a problem and not just for the IRS. As has been proven in many high publicity cases, Barings and Jett, to name two, firms are sometimes not able to track all of their traders' positions.