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News and Updates

Important 2011 Tax Reporting Changes

In October 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008. As a result of this Act, new regulations have been issued by the US Treasury and, under those regulations, broker/dealers and other custodians are required to begin reporting to the IRS cost basis for the sale/disposal of certain securities acquired on or after January 1, 2011. As outlined in the table below, the new regulations will be applied to various security types in phases over the next 3 years.

Note: The acquired date determines whether or not the basis information for a tax lot in a covered security type is reportable to the IRS. For example, if a security is sold after January 1, 2011 but was acquired prior to January 1, 2011, it is excluded from the new regulation and therefore, the firm is not required to report the cost basis to the IRS.

Investor Connect

The Connect Help Desk (888-870-4829) is expanding its hours. The new hours are as follows:

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