Excuses - 1099B

[Snaggletooth]

TD Ameritrade has posted a message that "Due to IRS-mandated changes requiring basis disclosure, we will not be sending Form 1099-B until February 28."

Amazing. If a so-called governmental-mandated change held up BILLINGS for a huge company, they would get it fixed TOMORROW.

[Bees Knees]

IRS mandate

IRS instructions for Forms 1099:

Due date for certain statements sent to recipients. The due
date for furnishing statements to recipients for Forms 1099-B,
1099-S, and 1099-MISC (if amounts are reported in Boxes 8 or 14)
is February 15. This also applies to statements furnished as part of
a consolidated reporting statement.

[gboykin]

I believe they can request an extension.

[S T]

Last Few Years n 1099-B forms

Haven't the Brokerage houses had it pretty easy the last few years on reporting? They issue by end of Feb 2011 and then state that there will more than likely be a correction?

Is that still in place for 2011 Transactions???

Sandy

[Jesse]

I think I'd rather they received the forms late rather than corrected forms after already filing.

[FEDUKE404]

Waiting is likely better approach

I think I'd rather they received the forms late rather than corrected forms after already filing.

I agree, with a slight tweak that I have "learned my lesson" and have advised clients with brokerage statements to make inquiries to firms as to the likelihood of any more documents showing up.

For "simple" investments, the first account statement is generally the last one. Things get antsy when REITs, PTPs, and some mutual funds are involved.

Of course, I had one client last year who had a modest/uncomplicated account with a major brokerage firm and later received an amended Form 1099-R. It seems the big-computer-in-the-sky had, for whatever reason, just ignored all income for one month of the year!

As for 2011 reporting - who knows what awaits us?!?!?

FE

[Gary2]

Having seen this from the other side, working on tax prep software coping with the new Schedule D and 8949, I can sympathize with the brokerage. The IRS was making changes to the e-file specs for the 8949 as late as mid-December, in ways that caused us tremendous headaches.

[FEDUKE404]

Hold on!

Having seen this from the other side, working on tax prep software coping with the new Schedule D and 8949, I can sympathize with the brokerage. The IRS was making changes to the e-file specs for the 8949 as late as mid-December, in ways that caused us tremendous headaches.

AGREED!!

I have talked with a couple of stockbrokers (their level of "tax knowledge" varies) and every one of them says there was/is basically mass confusion as to what to report and how to report it.

Gonna be one of those bumpy rides for us......

FE