Are You
Prepared For “One of the Largest Tax Reporting Changes for Investors in over 20
Years”*?
With new IRS regulations going into effect, your brokerage account is required to report your cost basis on “covered securities” to both you AND THE IRS. The IRS is expected to double-check both the sales and cost of stocks, bonds, and mutual fund sales on your income tax return.
That does not sound so tough – so, what’s the problem? Well, leave it up to the IRS to make the tax forms complicated! Many investors will be required to prepare up to 6 additional forms to attach to Schedule D for their stock, bond or mutual fund sales.
Our tax prep staff has you covered. We attended a 2 hour webinar last week on this topic and a two day tax update workshop in December. Not only do we know how to fill out the new forms, we have the entire cost basis for your investments purchased in accounts held at Valley National.
For more information about the new IRS regulations, click:
Contact my office if you have questions about completing your own tax return – we can provide an on-line tax center and an easy to use brochure featuring an overview of the revised reporting requirements.
*As quoted by Deanna Flores of KPMG, an international accounting firm.