With new cost-basis reporting requirements in effect for the 2011 tax year, Charles Schwab is warning investment advisors to brace for a hectic tax season and prepare for a flood of questions from clients who for the first time will receive a revised 1099-B form packed with new transaction information.
The new reporting rules stem from the 2008 Emergency Economic Stabilization Act, which laid out a three-phase process for submitting cost-basis information to the Internal Revenue Service.
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