Guidance Backlog Slows Preparation for Cost-Basis Reporting

October 12, 2009

BOSTON - As tax experts at mutual fund companies hurry to prepare their fund accounting systems before newly mandated changes to federal cost-basis reporting rules take effect, they are finding they could use a little help and guidance from the government. Instead, they are hearing nothing. This backlog of regulatory guidance is frustrating these tax experts and nearly every other area in the financial industry that is trying to plan ahead in advance of significant regulatory reforms.

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