An Oakland Calfornia based Tax Return Preparation Firm - Company Message
Tax Tips

cost basis reporting by brokerages

starting this year, the brokerages will be required to submit not only sales data for stock transactions .. this means that they will be able to audit tax returns by computer for cost information.

You need to check and make sure that your broker has the correct infomation. I have a lot of stocks and I have found a couple of errors on my statements.

This could cost you an audit .. this means more hassle for you and perhaps more money for an accountant to represent you.. you will probably owe as the IRS will most probably not be looking for people that overstate their cost. This is what they have done on the sales reporting.

keep in mind that options will probably be reported in similar fashion, so keep any docs you get from your company in regard to any option purchase and sales.

been away during the holidays.. also managed to get food poisoning last week which slowed me down a bit too.
Website Builder provided by  Vistaprint