Mastering Form 8937 and Section 6045B: An Ongoing Obligation

Complying With Reporting Requirements Arising From Activities Affecting Tax Basis of Securities

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, July 12, 2012

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will give tax professionals and advisors a stronger grip on the calculation and reporting requirements associated with Form 8937 and the benefits of others' filings and reporting to date.

Description

Federal tax professionals at both public and private companies must be prepared to quickly file Form 8937, given that there are only 45 days to get it done after an event such as a merger, stock split, excess distribution, etc. that affects the tax basis of a stock share, bond or other company security.

Tax specialists must learn Sect. 6045B's standards for "organization actions" and "specified securities." Even more importantly, you must become adept at quantifying the effects of actions on a security in the hands of a U.S. taxpayer, as an adjustment per share or percentage of old basis.

Given that reporting requirements (to the IRS and security holders, or on the company's website) just began in Jan. 2012, taxpayers continue to struggle with specifics of Form 8937 and Section 6045B and nuances of calculating basis. Early experiences and guidance from tax advisors are invaluable.

Listen as our panel of veteran tax consultants prepares your tax staff to report basis effects on company securities with more confidence and minimal disruption based on their experiences in filing Form 8937s to date.

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Outline

  1. Background on creation of Section 6045B
  2. Release of Form 8937 and instructions
    1. "Specified securities"
    2. "Organizational actions"
    3. Information to be reported
    4. Exemptions
    5. Assumptions and revisions
    6. Penalties
  3. Early experiences filing Form 8937 in 2012

Benefits

The panel will address these and other relevant topics:

  • Key standards: What does and doesn't qualify as an "organization activity" and "specified security"?
  • Tax basis: Calculating the basis impact and gathering the data needed to support a proper calculation.
  • Reporting requirements: What information needs to be reported, format and deadlines, and exemptions.
  • Lessons learned: What taxpayers and advisors have learned from compliance challenges with early Form 8937 filings.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Dale Collinson
Dale Collinson
Director, Financial Institutions and Products
KPMG

He is attached to the firm's Washington National Tax Practice. He previously worked as an IRS special counsel, as...  |  Read More

Bob Adams
Bob Adams
Tax Services Partner
McGladrey

He leads the firm's Washington National Tax IRS Practice and Procedure group. He works with clients on a number of...  |  Read More

Steve Tyler
Steve Tyler
Tax Partner
PricewaterhouseCoopers

He has provided tax consulting and compliance services to real estate clients for more than 14 years. He works...  |  Read More

Candace Ewell
Candace Ewell
Director
PricewaterhouseCoopers

She is attached to the firm's Washington National Tax Services Practice and leads a group of information reporting and...  |  Read More

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