Archive for the ‘Basis reporting legislation’ Category

Cost Basis Reporting Takeaway: Identifying Debt

Thursday, September 11th, 2014

The operational challenges of cost basis reporting compliance have not yet fully abated. “There will likely be a tsunami of calls from confused investors who don’t understand their tax reports and some incorrect reporting by financial firms which will need to redo their work,” describes cost basis expert Bob Linville, Scivantage Director of Product Management,… Read More »

Cost Basis Reporting Takeaway: FinOps Reports on the “Final Lap” of Regulations

Friday, August 15th, 2014

While Phase III Cost Basis Reporting regulations were implemented in January 1, 2014, firms are still grappling with the operational toll of compliance, particularly as it relates to simple debt instruments. In this in-depth FinOps Report piece, industry expert Bob Linville, Director of Product Management at Scivantage, takes a focused look at the final phase… Read More »

Hear from the Experts

Wednesday, February 20th, 2013

Our video interview series featuring financial industry analysts and technology experts continues this month with an interview of Alex Camargo, Wealth Management Analyst at Celent. In this video, Mr. Camargo shares his insights on the main challenges for firms using in-house cost basis reporting systems.    

File under “did not see this coming”… IRS Delays Fixed Income and Options Reporting

Wednesday, May 2nd, 2012

The Internal Revenue Service today announced a delay in the proposed effective dates for reporting for debt instruments and options from January 1, 2013 to January 1, 2014. Since the proposed regulations and effective date were published, the Treasury Department and IRS have received numerous requests to delay the proposed effective dates for debt instruments… Read More »

What is the Best Way to Fix 1099 Corrections? Start with Accurate Data

Tuesday, April 17th, 2012

Several recent news articles have outlined the impact a delay in sending out 1099s to investors had on their ability to file taxes on time as the April 17 deadline approached. Something like this, undoubtedly, can cause a detrimental blow to client satisfaction levels of the brokers in question. These events are yet another example of… Read More »

Scivantage featured in Ignites article, “The Moral of Brokers’ Cost Basis Mistakes”

Thursday, March 29th, 2012

In this article, Ignites journalist Jackie Noblett reviews the major challenges associated with new cost basis reporting rules that the brokerage industry has implemented this tax season. The 2011 tax year is the first year these rules came into effect and they have added focus on firms’ systems and operations. The same challenges are awaiting… Read More »

Staying Ahead of the Curve – Scivantage and SunGard Wall Street Concepts Webinar Recap

Monday, March 19th, 2012

With all the new regulation impacting this year’s tax reporting season, we recently partnered with SunGard Wall Street Concepts for a Webinar to look at the future of fixed income and options reporting requirements. Artie Wolk, Senior Vice President, Product Strategy at SunGard Wall Street Concepts, and Cameron Routh, Senior Vice President, Managing Director Strategic… Read More »

USA Today: New Rule Puts a Wrinkle in Figuring Taxes on Stock Sales

Thursday, March 1st, 2012

In case you missed it, Cameron Routh, our Senior Vice President and Managing Director of Strategic Products, spoke to Matt Krantz of USA Today for an article on the tax implications of recent cost basis reporting regulations that investors are facing this year. Following the passage of the Emergency Economic Stabilization Act of 2008, 1099-B forms that… Read More »

Upcoming Webinar: Scivantage and SunGard Wall Street Concepts to Host a Webinar on the Proposed Fixed Income & Options Reporting Requirements

Tuesday, February 7th, 2012

As the industry moves through this 1099 tax reporting season, it is essential that we look ahead at the Fixed Income and Options reporting requirements on the horizon. These complex security types will undoubtedly create additional compliance challenges and require substantial technology modifications to existing systems. Join us for a live Webinar, titled: “Cost Basis… Read More »

IRS Alert: IRS Issues Final Instructions for Form 8937 – Report of Organizational Actions Affecting Basis of Securities

Thursday, January 12th, 2012

The IRS has issued instructions for Form 8937, the form that issuers of a specified security will use to report organizational actions affecting the basis of securities. Links to the current form and the instructions are below. The filing requirement applies to organizational actions after 2010. However, regulated investment companies (RICs) need to file Form… Read More »


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