New Form 8949 Rules

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.
For more information on what’s new, see 2013 Instructions for Form 8949

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.
For more information about tax payer expectations and broker responsibilities, see Page 4 on the report by the Information Reporting Program Advisory Committee (IRPAC)

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.
For more information on capitalizing on retail investor confusion as it relates to these new requirements see our White Paper.

Questions or Additional Info Please Call 888-95-BASIS(22747)

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