U.S. Patented Software Calculates Cost Basis Within Seconds!
Phoenix (PRWEB) June 24, 2010
The ramifications are broad and deep for financial institutions and investors alike who are in the dark regarding the new mandatory cost basis reporting law that goes into effect on January 1, 2011. As this date with destiny rapidly approaches unbeknownst to the financial sector are mandatory compliance measures that must be implemented in order to avoid penalties up to $350,00 per year for incorrect Form 1099-B cost basis reporting, and unlimited penalties for intentional disregard of the new requirements. Under the new law, taxpayers are also subject to penalties of up to $1,000 for underreporting capital gains taxes, and up to $5,000 for willful disregard of the law or reckless conduct in reporting capital gains taxes. Financial intermediaries must address technology and data issues now if they are to ensure future compliance with the regulations. Firms that do not assess and modify their current systems risk chaotic service disruptions and stiff IRS penalties.
I am advising investors, advisors, financial institutions, wealth managers, and broker dealers to take action right now ," said Nico Willis, cost basis expert, and CEO of netbasis. "Our cost basis solution is meticulously designed to be easily and quickly implemented now and manage the transition in a way that will avoid the costly and time-consuming changes, penalities and workflow issues down the road.
There is reason to believe that chaos may prevail in the financial sector as confused and worried investors scramble to calculate accurate cost basis as defined within the new law and look to financial intermediaries for answers. It is not impossible to imagine a massive sell-off of stock simply because investors and shareholders will be confused, scared, and fearful if a reliable system is not in place to accurately calculate cost basis according to the new law as defined specifically for schedule D, gifting, mergers, and spinoffs. What’s most worrysome is hardly anyone is even aware of the new law going into effect on January 1, 2011 and no one is prepared for the inevitable conclusion.”
Cost basis expert and financial analyst Nico Willis is the financial expert behind the only patented software for accurate cost basis calculation available to investors and financial institutions before Jan 1, 2011.
Anthony Tomei - NetWorth Services
Tel:(602) 222-6380 ext 102