Wolters Kluwer Corporate & Financial Services will provide the Internal Revenue Service with online access to capital gain and loss information on publicly traded securities.
Under the contract, IRS agents will be able to access the CCH Capital Changes online database, which contains information on more than 100,000 companies, as they conduct research, verify taxpayer returns, or pursue audits of returns. CCH Capital Changes, part of the Wolters Kluwer division, provides basis tracking and follows related tax issues involving stocks in the U.S. and world capital markets. Basis is essentially the purchase price of a security adjusted for any corporate actions, such as splits or mergers, which result in a change to the cost basis of a security.
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