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Cost Basis Reporting Workshops
March 10, 2011—Boston, MA
March 31, 2011—Irvine, CA

The Investment Company Institute recently hosted two Cost Basis Reporting Workshops: in Boston, MA, on March 10, and in Irvine, CA, on March 31. At each of the one-day workshops, industry experts discussed a variety of issues related to the implementation of cost basis reporting in 2012. The Internal Revenue Service (IRS) recently issued final regulations on the new reporting requirements; however, there are a number of outstanding implementation and servicing issues that will need to be addressed by the mutual fund industry in the coming months. The workshops were designed for operations, tax, legal, and compliance professionals at registered funds and their distribution partners and service providers.

SPEAKERS INCLUDED:

  • Diane Butler, Director - Transfer Agency & International Operations, Investment Company Institute
  • Jeff Cook, Director of Regulatory Compliance, DST Systems, Inc.
  • Deanna Flores, Principal, Washington National Tax, KPMG LLP
  • Karen Gibian, Associate Counsel – Tax Law, Investment Company Institute
  • Charles Hawkins, Vice President/Senior Director, BNY Mellon Asset Servicing
  • Kathleen C. Joaquin, Director – Operations & Distribution, Investment Company Institute
  • Lydia Midwood, Director, DTCC
  • Allison Myers, Senior Legal Counsel (Tax), Fidelity Investments
  • Jeff Naylor, Vice President, Product Management, SunGard-Asset Arena
  • Nino Palermo, Vice President, American Funds
  • Laura Stanley, Officer - Dealer Services, Invesco
  • Derek Yen, Senior Department Leader, Edward Jones

TOPICS INCLUDED:

  • Cost basis reporting methodologies, including average cost as a default method, frequently asked questions, and open items and issues for the IRS
  • Changes of ownership: issues with joint accounts, gifted and inherited shares, divorce and other changes
  • Preparing for 2012: shareholder servicing challenges including staff training, shareholder communications, solicitations, affirmative elections, S Corporations, and other issues
  • External transfers: automating transfer reporting requirements between brokersAdvanced issues, including wash sales, return of capital adjustments, use of shareholder provided information, and other difficult questions

CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT

Upon completion of the program, participants were eligible for approximately seven (7) hours of CPE credit (five [5] hours in Specialized Knowledge and Applications and two [2] hours in Taxes).