- Netbasis Products
- January 06, 2014
New IRS Rules That Complicate Form 8949
- Sales from Estates or Trusts.
- Sales that have adjustments such as Wash Sales.
- Sales that are Uncovered and not reported on the 1099-B.
How Tax Preparers are Affected
- A vast majority of tax preparers manually calculate cost basis according to AICPA Insights. A Financial Planning Digest poll shows that 91.61% of practitioners calculate cost basis by hand.
- 1099 B’s are not reliable. The broker is not required to make certain adjustments to basis and the burden of recordkeeping falls on the taxpayer which increases the opportunity for miscalculation.
How Netbasis Can Help!
- The new cost basis reporting requirements presents an opportunity for tax preparers to offer specialized services.
- Netbasis is easy to use, designed to be used without a learning curve.
- Netbasis can automatically calculate cost basis on any security whether it was purchased, inherited or received as a gift.
- Netbasis will provide you with audit reports, tax forms such as the 8949 Form and additional tools for capital gains planning.
- Unlimited transactions for professionals.
Questions or Additional Info Please Call 888-95-BASIS(22747)