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- Title
Getting Ready for the New Cost-Basis Regulations.
- Authors
McCarthy, Ed
- Abstract
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).
- Subjects
UNITED States; UNITED States. Emergency Economic Stabilization Act of 2008; UNITED States. Internal Revenue Service; FINANCIAL statements; TAX basis; FINANCIAL planners; FINANCIAL planning; CUSTODIAL accounts; FINANCIAL management; WORKFLOW
- Publication
Journal of Financial Planning, 2010, Vol 23, Issue 9, p24
- ISSN
1040-3981
- Publication type
Article