Trust Takes Proactive Approach to New Cost-Basis Rules

Trust Company of America has taken a proactive approach in preparing for rules changes in cost-basis reporting that will affect Registered Independent Advisors (RIAs). As part of the Emergency Economic Stabilization Act of 2008, the Internal Revenue Service will change its requirements for reporting the cost basis of securities. These changes will be phased in over three years, beginning with the 2011 tax year.

CEO Frank Maiorano comments: “As part of our commitment to providing best-in-class custody and technology solutions for our clients, Trust Company of America is committed to the safety and security of our clients’ assets, and we continue to invest in efficient, scalable, fully compliant solutions that make the lives of our advisors easier, and their firms stronger.

“At Trust, we are constantly surveying the regulatory climate and helping our clients adjust to the shifting landscape. In the coming weeks, Trust will provide more details on how we will help our clients meet these new rules, including how they can adjust their tax reporting processes to ensure compliance.”