As the industry continues to tie up the loose ends of Phase I of the IRS Cost Basis Reporting (CBR) rule changes and gets closer to the implementation of Phase II, we have heard a lot of concerns from our clients, and the marketplace as a whole, about the need to uncover any gaps in current practices and reporting.
In an effort to help with these mounting issues, we have partnered with Jordan & Jordan to develop the Cost Basis Reporting Assessment Program, designed to provide practical recommendations for corrective actions and proceeding forward with the ongoing implementation.
There are seven assessment areas that we identify in the program:
1. Cost basis engine and systems integration
2. Policies and procedures
3. Workflows and other processes
5. Website and other communication mediums
6. Understanding activity metrics
7. State of readiness for the continued implementations of Phases II and III
Although having the right tools and technology is a critical competent for cost basis reporting preparedness, client education is a key element that should be taken just as seriously. Brokers need to dissipate any confusion investors might have due to the multitude of new requirements and forms in advance.
An experienced team of analysts from Scivantage and Jordan & Jordan uses a customized approach through the Cost Basis Reporting Assessment Program to help brokers define the objectives they want to reach and determine which approach is the right one for each individual firm.
To learn more about the program, listen to a recording of a Webinar we’ve recently conducted, where our own Cameron Routh and Jordan & Jordan’s Martin Bentsen, Senior Advisor of the Cost Basis Practice, delved into the latest regulatory CBR updates and reviewed the benefits of the Cost Basis Reporting Assessment Program.