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.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access