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December 2012 » Cost Basis Reporting Presents an...
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Susie Bell
One of the biggest issues of the recent tax season—cost basis reporting—has become the focus of much debate and countless extensions; it also represents a very real revenue opportunity for tax professionals, according to a recent report by Celent, an international research and advisory firm that identifies trends and practices in the financial services industry (http://www.netbasis.com/white-paper-report/). Cost basis reporting and the disparate requirements between brokers and taxpayers were enacted by the Emergency Economic Stabilization Act of 2008 (EESA) and are being phased in gradually through IRS regulations. The differing requirements can lead to a host of complications; in fact, many retail investors and tax professionals still grapple with reconciling them.
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