Investment Tax Revenues in the U.S May Be Getting A Boost

[Guest ValueCarl]

Finally, this is the beginning of more efficient reporting systems between the brokerages and their investor, speculator clients who are reporting their gains and losses to society at large.

 

Not too long ago, I had written authorities on how it was not mathematically impossible for High Frequency Traders who are buying and selling the same securities in nano seconds to NOT be violating The Wash Rule.

 

I hope they are going that far by implementing this new system! Guys like MINT, who made their coin bedding down with CRIMINALS like The Junk Bond King, Milken, better watch their asses going forward.

 

http://www.usatoday.com/money/perfi/taxes/story/2012-02-12/capital-gains-tax-statements/53061388/1?csp=34money&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+UsatodaycomMoney-TopStories+(Money+-+Top+Stories)&utm_content=My+Yahoo

 

Possibilities for more corrections

Investors who rush to file their returns might face having to file an amended return if their brokers make any changes to the 1099-B. Investors who in January bought shares of a stock they sold for a loss in 2011 might get an amended 1099-form that disallows that loss as a so-called "wash sale," says Cameron Routh at Scivantage. That's because brokers must notify the IRS when losses are disqualified if the shareholder buys back the losing stock in 30 days or less. Other corrections, too, might be more likely if there's any effect on cost basis, he says.

Brokers are ready for questions. "We've tried to prepare investors over the past couple of years," says Groves. But "sometimes people don't pay attention until they receive their tax form."