1. Cost Basis & IRS Reporting: 3 Years Later
Moderator:
Joan DiBlasi, Aflac Incorporated
Speakers:
Stevie Conlon, Woltzers Kluwer Financial Services
Kevin McCosker, Pershing, A BNY Mellon Company

2. Cost Basis & IRS Reporting –
3 years later!
Moderator: Joan DiBlasi - Aflac Incorporated
Panelists: Stevie Conlon –Wolters Kluwer
Kevin McCosker – Pershing LLC (a BNY Mellon Company)
2016 SSA Annual Conference
Fairmont Chicago Millennium Park
July 20, 2016

3. Problems? Requests for Cost Basis – Send Paper or email or fax?
Why different Transfer Control Numbers? We send basis on the number we receive – but broker requesting basis on different number??

4. Paper Statements vs Online
It would be much easier for you to send an online Transfer Statement, rather than paper.
Use DTC’s CBRS product…simple to use and you can copy and paste if you want to, or if your system allows, update the TCN – to what the broker is expecting and resend!

5. Tax Issues!
Clients are beginning to expect cost basis reporting for everything and there is frustration over the prohibition on providing cost basis for compensation related options (or reporting such basis in the reported basis of stock obtained via option exercise)

6. Tax Issues!
To what extent will cost basis reporting trigger IRS demand for additional taxes due to 1099 matching program?

7. Tax Issues!
Withholding tax issues for U.S. stock derivatives (including rights, warrants and convertibles—IRC Secs. 305(c) & 871(m)) is creating additional compliance needs

8. Tax Issues!
Focus on U.S.  sourced income paid to foreign investors S Audits

9. QUESTIONS???

10. Cost Basis & IRS Reporting – 3 years later!
Joan DiBlasi Aflac Incorporated (706) Kevin McCosker Pershing LLC a BNY Mellon Company (321)
Stevie Conlon, Sr. Director & Tax Counsel
Wolters Kluwer, Chicago & Boston
(847)