And if your client truly wants to be a day trader, the election to be treated as such must be made soon to be effective for 2020.  It can't be done retroactively for 2019.

AND, I have NO idea if that's something that can wait until July 15.  IF your client truly wants to be considered a day trader, I would make sure that election is filed by April 15th.

Day traders report the appropriate gains/losses as ordinary income/loss - forced thru F 4797.  Generally, the Form 1099-B activity  needs to be reported on F 8949/Sch D for the IRS to be able to matchy match.   AND when/if money is made it's subject to ordinary income tax rates, NOT capital gain rates. 

Any positions open as of 12.31 have to be *handled* differently (i.e. marked to market).

Costs of running the business - computer costs, OIH if appropriate, internet costs... go on a Sch C.  Which will always show a loss....as in audit red flag.