Getting Ready for the New Cost-Basis Regulations

McCarthy, Ed
September 2010
Journal of Financial Planning;Sep2010, Vol. 23 Issue 9, p24
Academic Journal
The article examines the new regulations in the Emergency Economic Stabilization Act of 2008's cost-basis reporting provisions in the U.S. that apply to firms including brokers, custodians and transfer agents. It states that the legislation can affect the workflow of financial advisers and change the reports that custodians give to their clients, even though it does not directly address the role of the advisers. It also highlights the concerns raised by some financial planning professionals including the fear that conflicts may arise if the information of the firms did not match with what was provided by the custodian to the Internal Revenue Service (IRS).


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