Morgan Stanley discloses cost basis reporting errors from 2011-2016
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Morgan Stanley discloses cost basis reporting errors from 2011-2016 Morgan Stanley buried this issue on page 48 of its just-filed 10-K report: Other Items The Firm has identified operational issues that resulted in the
reporting of incorrect cost basis tax information to the
Internal Revenue Service ("IRS") and retail brokerage clients
for tax years 2011 through 2016. Most of our clients are not
impacted by these issues. However, these issues have affected
a significant number of client accounts. In the case of clients
for whom the Firm has determined that there have been tax
underpayments to the IRS as a result of these issues, the Firm
is in advanced discussions with the IRS to resolve client tax
underpayments to the IRS caused by these issues at no
expense to our clients. In the case of clients for whom the
Firm has determined that there have been tax overpayments
to the IRS as a result of these issues, the Firm plans to notify
them and to offer to pay them an amount equivalent to their
overpayment to the IRS. The $70 million provision referred
to above is based on currently available information and analyses,
and our review of these issues is continuing. Ira Smilovitz
On Thu, Mar 2, 2017 at 12:42 PM, ira smilovitz <ira.smilovitz@gmail.com> wrote:
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