Monday, February 13, 2012

The Ins and Outs of New Reporting Rules in 2012

New cost basis reporting rules now apply, for the first time ever, to Form 1099-B sent to investors and the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed.

Are you confused? You're not alone. Here's a brief recap on what is and isn't taking place this year.

Reporting for investments: Previously, financial institutions were required to report on Form 1099-B certain information relating to the sale of investments, such as the date of the sale and the amount of the sale proceeds. It was the investor's responsibility, however, to provide the acquisition date and the purchase price on Schedule D, although many brokers often provided additional information when it was available.

To Read the Full Article: Click Here

No comments:

Post a Comment

Creative Financial Staffing (CFS) is the nation’s largest, privately-held accounting and financial staffing firm. We provide qualified accounting and finance professionals on a temporary and permanent basis across a broad range of industries.

Visit our website:

Click here to locate and contact a CFS office near you