Cost Basis Reporting – New Requirements for your 2011 Return

As of January 1, 2011, cost basis reporting — the identification of the actual costs of a security for income tax purposes — became mandatory as per the Emergency Economic Stabilization Act of 2008 – popularly known as the “bailout bill”. Under the new legislation, financial intermediaries must report accurate adjusted cost basis information to[…]

January 31 Tax Deliverables

All Businesses Give annual information statements to recipients of certain payments you made during 2011. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following. Cash payments for fish (or other aquatic[…]