The Walt Disney Company, Johnson Controls and Aflac have joined a host of other companies that offer DTCC’s AccuBasis to their shareholders, providing them with access to accurate cost-basis information used in tax reporting.
Investors need cost-basis information to report gains or losses when filing tax returns and for determining the unrealised gains or losses of a securities position. AccuBasis automates and streamlines researching and calculating cost-basis information, which traditionally has been a difficult, time-consuming and expensive task.
It is offered through DTCC Solutions, a subsidiary of DTCC, and NetWorth Services, Inc.
With security pricing dating back as far as 1925, AccuBasis delivers cost-basis information within seconds, automatically applying to the original acquisition price the corporate actions that affect cost-basis such as stock splits, mergers, dividend reinvestments and other cost-basis adjustments.
Most of the companies offer AccuBasis through a link on their Web page, which allows investors to access cost-basis information by simply inputting a CUSIP number, the security name or ticker symbol of the security and the approximate date of purchase; the year, for instance.
“I was very impressed with the product when I first saw it demonstrated at an industry conference,” “It’s fast, accurate and easy. This is a wonderful opportunity to provide our shareholders with a great service they can benefit from year after year,” says Arlene Gumm, manager of Shareholder Services, Johnson Controls.
“We have many shareholders, especially long-time shareholders, who call for cost-basis information. This will streamline the process for us and boost shareholder satisfaction at the same time,” adds Gumm.
A number of energy companies including MGE Energy, Alliant Energy, OGE Energy, Hawaiian Electric, Duke Energy, and First Energy Corporation have also chosen to offer AccuBasis to their shareholders.