Brown Brothers Harriman Makes Cost-Basis Reporting a Lot Less Foreign

Article Reprint Brown Brothers

ISS MAG – U.S. individuals preparing to file their tax reports by April 17 will likely be doing so for the first time using the correct cost basis data from financial intermediaries.

Those intermediaries have likely toiled behind the scenes to complete the technological and operational changes necessary to comply with the Internal Revenue Service’s new cost-basis reporting rules. Financial firms needed to adapt dozens of front, middle, and back office systems to update what securities and corporate action events must be captured so they can come up with the right information the IRS and investors require. In doing so, they had to figure out what infrastructure they can build on their own, what they might have to license and how to integrate multiple applications seamlessly.

 

 

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