Archive: Uncategorized
-
Dec 16, 2009
No CommentsIRS Issues Proposed Cost Basis Reporting Regulations
On December 16, 2009, the IRS issued proposed regulations on cost basis reporting by brokers (the Proposed Regulations—REG-101896-09). The Proposed Regulations address key details regarding cost basis reporting for stock, dividend reinvestment plan stock and mutual fund shares, including permitted lot selection methods, optional reporting of pre-effective date (uncovered) shares, wash sales and other basis...
-
Feb 09, 2009
No CommentsIRS Asks for Comments to Assist its Drafting of Cost Basis Guidance
On Friday, Feb. 6, 2009, the IRS released Notice 2009-17 (the Notice, copy attached). The Notice indicates that the IRS intends to issue guidance regarding a number of important details relating to the new cost basis reporting law that was enacted on Oct. 3, 2008 (Pub. L. No. 110-343). To assist, the Notice requests public...
-
Jan 13, 2009
No CommentsIRS Favorably Clarifies New February Deadline for Broker Delivery of Form 1099 Information to Customers
Why Investors May Not Receive Their Form 1099 Information from Their Brokers Until February 17 This Year January 13, 2009 On Monday, Jan. 12, 2009, the IRS issued Notice 2009-11, which addresses an important aspect of the new cost basis reporting law enacted in October 2008—the new deadline for the delivery of Form 1099-B by...
-
Nov 03, 2008
No CommentsCost Basis Reporting Law: Brokers Considering Whether to Wait for IRS Guidance Should I Stay or Should I Go?
October 30, 2008 The clock is ticking down towards the initial January 1, 2011 effective date for broker reporting of adjusted cost basis and gain/loss information to the IRS and customers on Form 1099-B for certain covered securities. Preparing for cost basis reporting is likely to be a significant challenge for brokers. Because of the...
-
Oct 08, 2008
No CommentsCost Basis Reporting Now Law
Date: October 4, 2008 On Friday October 3rd, President Bush signed into law H.R. 1424, the Emergency Economic Stabilization Act of 2008 in response to the financial market crisis (the Act, Pub. L. No. 110-343). The Act includes required cost basis reporting by brokers to the IRS and taxpayers. Cost basis reporting is set forth...
-
Oct 03, 2008
No CommentsHouse Passes Financial Market Bailout Legislation that Includes Cost Basis Reporting
On Friday October 3rd, President Bush signed into law H.R. 1424, the Emergency Economic Stabilization Act of 2008 in response to the financial market crisis (the Act, Pub. L. No. 110-343). The Act includes required cost basis reporting by brokers to the IRS and taxpayers. Cost basis reporting is set forth in Section 403 of...
-
Oct 02, 2008
No CommentsSenate Passes Financial Market Bailout Legislation that Includes Cost Basis Reporting
On Wednesday evening, October 1st, the Senate passed H.R. 1424, the Emergency Economic Stabilization Act of 2008 on a vote of 74 to 25 in response to the financial market crisis. The bill includes required cost basis reporting by brokers to the IRS and taxpayers. The bill now goes to the House where it is...
-
Sep 29, 2008
No CommentsHouse Passes New Tax Extenders Bill with Cost Basis Reporting Included — Sends It Back To The Senate
On Friday, September 26th, the House passed H.R. 7060, the Renewable Energy and Job Creation Tax Act of 2008 on a vote of 257 to 166. This is a fully offset energy and tax extenders bill that the House is offering in substitute for the Senate’s version of H.R. 6049 that was passed last Tuesday,...