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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I work as an admin for CIO of a major financial services

Customer Question

Hi Mark,
I work as an admin for CIO of a major financial services company in New York. He is retiring -- last day will be April 1, 2017. This means I may be out of a job, which I don't really mind. I've been wanting to set up a daytrading business for awhile but couldn't because of compliance restrictions. I have a DBA - trading forex (foreign brokers) and papertrading w/ TD Ameritrade. I am making ok $$$ with forex trading w/ foreign brokers but would eventually like to daytrade penny stocks on ETRADE PRO. I can do this when I am no longer working at financial services company. I may have an opportunity to take a severence package when my boss leaves/retires. I will have bonus, severence package and possible unemployment. Again, I have DBA. I eventually would like to convert it to LLC in 2018/2019. Can I collect unemployment while having DBA business?
Submitted: 1 year ago.
Category: Tax
Expert:  Rick Martin replied 1 year ago.

Hi, I'm happy to help, unless you meant this question for a specific expert. Please let me know. -Rick

Expert:  Rick Martin replied 1 year ago.

Angela, I'm a CPA with 25 years experience based in NYC. In order to collect unemployment, you will be asked a series of questions on a weekly basis, including whether you have returned to work. Your DBA business would disqualify you from receiving unemployment because it counts as work.

Expert:  Rick Martin replied 1 year ago.

Angela, thank you for this opportunity to answer your question. I kindly ask that you give me a good rating if you are happy with my service. I strive to maintain my 5 star rating. I will remain online for a while in case you have any follow on questions. Have a good day. -Rick

Expert:  Rick Martin replied 1 year ago.

There is proposed legislation that would change my answer, but under current rules, the DBA business would interfere with benefits.