Basis | NAEA

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Description

Basis
IRS Program #: X9QQU-T-00963-23-O
CTEC #: 6257-CE-0141
CE: 2 IRS & 2 CTEC credits
Speaker: Chelsea Rustek, EA

For many transactions, the basis is correctly reported on a 1099-B. For other transactions, especially stock options, the basis is incorrect. In other cases, including older stock, RSUs, cryptocurrency, merged or spun off companies, the basis is not reported. A correct basis is critical to prevent the taxpayer from overpaying taxes. This class will explain when the basis might be incorrect and how to determine the correct basis.

Learning Objectives:

Define basis
Determine when basis needs to be calculated (is not properly reported)
Explain how to research basis
Demonstrate reconstruction of basis on stock options (using form 3921 for ISOs, 3922 for ESPPs, and confirmation of release for RSUs)

Contributors

Chelsea Rustek, EA

Chelsea is an Enrolled Agent, working in the taxation field since 2014, with a concentrated focus on individual and small business tax preparation. She graduated from Saint Leo University with her bachelor’s degree in Business Management. Chelsea is a member of the National Association of Enrolled Agents and the Florida Association of Enrolled Agents. She is also a QuickBooks Online ProAdvisor and Florida Notary.

Chelsea’s background includes stock option compensation ranging from mergers &acquisitions, Restricted Stock Options, Incentive Stock Options, Employee Stock Purchase Plans, and Non-Qualified Stock Options. In addition, she is familiar with IPOs for many companies and can help clients to plan for these large tax events. Her advanced knowledge of these topics helps clients with their tax preparation and planning. Working hand and hand with the financial advisors to mitigate tax risks and burdens.