As the industry quickly moves toward year-end reporting, 1099 distribution and the implementation of Phase Two tax reporting requirements, many financial institutions are finding it difficult to stay ahead of the ever-growing complexities of the new cost basis reporting requirements. From internal workflows and policies to client education and reconciliation with books and records, financial institutions have been tasked with a heavy burden in order to comply. Failure to comply with even a single component of the new cost basis regulations could result in significant regulatory penalties and unhappy customers. How prepared is your firm?
Combining years of cost basis, brokerage processing and business strategy expertise, Scivantage and Jordan & Jordan have partnered to offer the Cost Basis Reporting Assessment Program™, a premium service designed to analyze and evaluate a financial institution's cost basis compliance. Through a comprehensive, on-site review of a financial institution's cost basis ecosystem, this unique program examines seven key aspects of a firm's cost basis activities, processes and documentation to ensure preparedness for the new regulatory requirements. The seven-point assessment offers a thorough evaluation of the following key areas:This flexible program can be tailored to meet your specific business needs and objectives. Whether you choose the comprehensive, on-site assessment, select only a portion of the program or prefer to leverage our self-assessment templates, you can be confident that your firm will be better positioned to tackle all facets of the reporting requirements. For more information on the assessment, please click here.
Cost Basis Reporting Assessment Program
06/2011 - Celent Report: Cost Basis Reporting: Where Are We Now?
CBRA: Beyond Technology – Are you Fully Prepared? With Jordan & Jordan
