By: Mark Smith, CFP, CPA/PFS, CIMA (Principal)
As a result of the Emergency Economic Stabilization Act of 2008, the potential for delayed or corrected 2011 Form 1099 is significant. The IRS adopted new cost basis reporting requirements that will affect how you receive cost basis information from your brokerage firm. Raymond James estimates that the number of corrected or delayed 1099 forms this year could double or triple over last year due to the extra reporting requirement. We want to stress that this is an industry wide issue and not limited to Raymond James accounts. This issue could even be further complicated by funds that traditionally report late. We want to be proactive about this potential upcoming issue so you can prepare accordingly. Please talk to your tax preparer about your different options which may include filing for an extension.
Please feel free to give us a call if you have any questions or concerns.
