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Thursday, October 14, 2010

Fundsters Have More Tax Work Ahead

News summary by MFWire's editors

Fundsters interested in mutual fund tax issues may want to look at Dow Jones. Today Arden Dale reports on the new 1099-B guidance from the IRS on disclosing information to shareholders regarding cost basis reporting.

The new rule, created by the IRS thanks to a 2008 law and ready for implementation for mutual fund shares bought on or after January 1, 2012, expands Form 1099-B "to include the cost or other basis of stock and mutual-fund shares sold or exchanged during the year," Dale writes.

Dow Jones cites IRS Commissioner Doug Shulman, and includes insight from SIFMA government affairs managing director Ellen McCarthy and Wolters Kluwer Financial Services senior director and tax counsel Stevie Conlon

Edited by: Neil Anderson, Managing Editor


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