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Implementing Cost Basis Reporting for Mutual Funds 

On Thursday, May 27, 2010, ICI hosted a webinar on implementing cost basis reporting for mutual funds. Beginning in 2012, mutual funds and reporting brokers must begin to provide cost basis information to their investors and the Internal Revenue Service. There are a number of outstanding implementation and servicing issues that funds and their service providers and distribution partners will need to address in the coming months. The webinar featured speakers from the Institute’s tax and operations areas, industry service providers, and fund companies. The webinar was designed for operations, tax, legal, and compliance professionals at registered funds and their distribution partners and service providers.

MATERIALS

HIGHLIGHTS 

Speakers included: 

  • Kathleen C. Joaquin, Director – Operations & Distribution, Investment Company Institute 
  • Karen Gibian, Associate Counsel – Tax Law, Investment Company Institute 
  • Charles Hawkins, Vice President/Senior Director, PNC Global Investment Servicing 
  • Jeff Naylor, Vice President – Distribution Services, SunGard Nino Palermo, Vice President, American Funds 
  • Nino Palermo, Vice President, American Funds

Topics included: 

  • An overview of the proposed cost basis reporting requirements, including outstanding issues and questions for the IRS 
  • Considerations for implementing cost basis reporting using average cost for bifurcated accounts and single account elections 
  • Industry initiatives for automating proposed transfer reporting requirements between brokers 
  • Shareholder servicing and communication challenges and issues

CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT

Upon completion of the program, participants were eligible for up to 1.5 hours of CPE credit. The Investment Company Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417; www.nasba.org.

Learning Objectives: Assisted participants in implementing cost basis reporting requirements for mutual funds in 2012. This included an overview of the proposed IRS rules and the implementation and servicing issues that funds, their service providers, and distribution partners will need to address.

Program Level: Basic

Delivery Mode: Group Internet-Based Course

Advanced Preparation: No advance preparation required

CPE Credits: 1.5