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New Rules Concerning Cost Basis Reporting Mean Some Of The Biggest Changes For Individual Taxpayers In More Than 20 Years.
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Get 50+charles schwab online New Rules Concerning Cost Basis Reporting Mean Some Of The Biggest Changes For Individual Taxpayers In More Than 20 Years. trade ideas a week from the industrys top options experts. Plus — exclusive commentary on market trends and essential trading tools.Learn More
charles schwab online New Rules Concerning Cost Basis Reporting Mean Some Of The Biggest Changes For Individual Taxpayers In More Than 20 Years.,Charles Schwab, a leading provider of financial services, is taking proactive steps to provide investors with the insights and resources they need to prepare for cost-basis reporting changes this tax season. These changes will affect anyone who trades securities, impacting how they file taxes and, potentially, how much they&8217;ll owe. To help navigate these changes, Schwab is providing investors with online resources and informational webcasts for those who need help understanding their cost-basis reporting method and to know what to expect on the IRS&8217; new 1099-B Form. In anticipation of increased call volume, Schwab has also invested time and resources in training its representatives on how to help clients through these changes.
Cost basis laws passed by Congress in 2008 now require brokerage firms to track and report cost-basis information for its clients. The first of these changes has already taken effect and applies to equities acquired on or after January 1, 2011. Beginning January 1, 2012, these changes applied to mutual funds, exchange traded funds (ETFs) and dividend reinvestment plans (DRIPs), followed by fixed income and options on January 1, 201charles schwab online3. Investors will first see these changes when they receive a revised 1099-B Form in February 2012, which will include cost-basis data, some of which will be reported to the IRS (stocks purchased and sold after January 1, 2011). To help avoid tax reporting confusion among investors, Schwab is introducing resources to offer them guidance, including informational webcasts and video demonstrating the changes to the 1099-B Form.&8220;A shift of this size will undoubtedly leave many investors looking for answers when it comes to dealing with new tax forms and filing requirements,&8221; said Brian Keil, Charles Schwab director of cost basis and tax reporting. &8220;The good news is that the changes in cost-basis reporting will ultimately simplify the tax reporting process for investors. Schwab is now able to track and report this information for its clients, and we&8217;ve developed our cost-basis resources with the goal of further simplifying the process and easing investors into the changes.&8221;
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