Contributor: Jeff Naylor
Collecting cost basis data on equities and ETFs for broker-dealers, and reporting it to shareholders on tax forms, has been a significant challenge. Many broker-dealers have struggled with compiling all of the data including books and records, cost basis reporting systems and tax reporting systems together for the 1099-B IRS form. This form is issuedread more... read more
Contributor: Jeff Naylor
If transfer agents tried to implement a change in the tax code that would require their clients to reach out to them to address their need for solutions that incorporated operational efficiency, client service and compliance transparency, they could not have wished for more than the upcoming cost basis changes scheduled for January 1, 2011.... read more
Contributor: Jeff Naylor
Few moments in tax code history are as dramatic and full of impact as the new cost basis reporting regulations: While Section 403 of Division B of Public Law 110-343 details the legislation, the bottom line is this: Cost basis reporting will be made mandatory for all brokers executing transactions that involve publicly traded securities. January 1, 2011 is the deadline for the requirements to report realized gain/loss information to the IRS for the benefit of clients who have purchased equities. Other deadlines on mutual funds and other securities follow in 2012 and 2013.... read more
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