AICPA Waves the White Flag on Basis Reporting

Several years ago (January of 2011) we first penned an article called “Somebody is Watching You” which at the time was a humorous look at the new rules coming for basis tracking. Fast forward to today …..

AICPA Asks for Basis Transition Extension

The American Institute of CPA’s (AICPA) recently published this:Wave White Flag

“During the 2013 filing season, AICPA members and their clients experienced significant confusion trying to comply with final regulations for cost basis reporting for stocks and mutual funds …. AICPA recently asked the IRS to extend all the reporting effective dates by one year to allow reporting entities more time to prepare”

The reconciliation of vendor reported 1099’s and our internal cost basis tracking is the single most confusing issue with filing taxes for the last several years AND will be for the next several.

Just remember to use our sheet as the master for basis reporting as the 1099 reporting many times is incomplete. If you have any questions, just drop us a line. Do not feel bad, as you can tell,  everyone is having issues with this reporting!

Have a Great Day!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

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