RULES CHANGE ON HOW YOU FIGURE TAXES ON STOCKS By Matt Krantz, USA TODAY The IRS suspects investors are shortchanging it more than $11 billion a year. Now it has a plan to get some of that back. New rules kicked in this year that require brokerages, for the first time, to start tracking how much investors paid for stocks…
How the new tax law may affect you. FIDELITY VIEWPOINTS — 12/17/10 What it means for your take-home pay, investments, and more. After weeks of heated Congressional negotiations on Capitol Hill, President Obama has signed the tax bill into law. The new law temporarily extends the 2001 and 2003 federal income tax rate cuts, extends unemployment insurance for 13 months,…
New Estate, Gift, and GST Rules Could Be a Tough Act To Follow Note: The Alert has been updated to include additional year-end planning considerations, as well as GST planning considerations. On Friday, December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act). With varying effective dates discussed below, the…
Brokerages Will Have to Tell IRS What Investors Paid for Stocks. Dec. 21 (Bloomberg) — Investors who forget what they paid for shares of stock will get help starting next year, courtesy of the Internal Revenue Service. That’s when the U.S. tax-collection agency will require brokerages to track the cost basis on equities bought after Jan. 1, and send taxpayers…