Navigating the challenges of cost basis reporting

09/12/2013 | Journal of Accountancy print issue

Mandatory broker reporting of the cost basis of certain securities to both the Internal Revenue Service and the taxpayer whenever a sale takes place was supposed to reduce the burden of calculating and reporting capital gains. Instead, mandatory cost basis reporting has created many challenges for all parties involved. Jonathan Horn, CPA, CGMA, discusses how practitioners can help clients navigate this new and complex requirement.

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