Online Tool Aims to Simplify Cost Basis Calculations

Online Tool Aims to Simplify Cost Basis Calculations

BY MICHAEL COHN
Accounting Today for the Web CPA

March 8, 2011 – Phoenix, AZ – Netbasis is offering an online tool to help investors and brokers comply with the new cost basis reporting rules.

The Emergency Economic Stabilization Act of 2008 requires brokers and other financial intermediaries to begin reporting their clients’ cost basis for any securities purchased after Jan. 1, 2011 to investors and the Internal Revenue Service on a Form 1099-B.

Netbasis will take into consideration all corporate actions as well as any possible dividend returns or return of capital that may have occurred during the holding period of the investment, so the information is tailored to the individual investor. Users choose the security, enter the purchase and sales dates, the number of shares, and Netbasis does the calculation. It also gives users the ability to choose their accounting method. Netbasis can also calculate the cost basis for securities that were gifted or inherited.

For more information, visit www.netbasis.com.