Industry participants say brokers have made a lot of progress toward meeting new cost-basis reporting requirements from the Internal Revenue Service, which take effect in January, but further progress is necessary.
As the deadline looms, there are a couple of major areas where brokers need more clarity on how to comply with the new rules when they go into effect next year: The transfer of assets from one firm to another and increased international investing, according to Cameron Routh, a senior vice president of strategic products at Scivantage, a Jersey City, N.J.-based company that provides front- and middle-office technology solutions for financial services firms.
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