Cost Basis Basics: Preparing for the New Reporting Requirement
Cost basis reporting will have firm-wide impact, from operations to client relations. It will require clear coordination and alignment among advisors, brokers and custodians, not to mention with investors and their tax advisors. And, as with any new regulation, it will carry costs in both systems and staffing. Understanding the impact and preparing for it will help make those challenges and costs manageable.
- What is it?
- Who is affected and how?
- The challenges?