“The new 1099-B and 8949 forms seem to have created a significant amount of taxpayer confusion and frustration,” said Nico R. Willis, CEO of NetWorth Services, “which can mostly be attributed to the non-coverage and/or misreporting of cost basis information on the 1099-B. To add to the concern, there are taxpayers who have not yet received their 1099-B due to the March 15 extension that was granted to broker-dealers. According to a March 2, 2012 Reuters.com article entitled ‘Brokers Delay 1099, Causing Investor Angst’ underscores that frustration”, continues Nico Willis. “Taxpayers need a well prepared tax professional more than ever before and the 8949 Verifier allows them to expand their client services to meet the demand.”

“There is a sizeable disconnect between what the broker must report under the cost basis legislation and what the taxpayer is still responsible to accurately report to the IRS,” said Nico. R. Willis, President and CEO of NetWorth Services, “Brokers are only responsible for cost basis for securities purchased after 12/31/10 but the taxpayer is responsible for the cost basis no matter when it was purchased. The majority of current stock holdings were purchased before last year, so different investment scenarios can potentially cause confusion.”