Lpl & 1099

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Mar 3, 2006 10:56 am

? is LPL the only firm that has sent out three different 1099 or or are other firms westling with this also?

This is the first year I have not done taxes in a CPA firm in many years so I do not get to see what other firms are doing!

But I can tell you this LPL sent out the first one at the end of Januray and a corrected one 02/10/06 and I just recieved another box dated 02/17/06    

LPL tells me it is the fund companies fault and I will believe it if I see it happening at other firms as well!

Most of my referalls come from CPA's and I have to tell you this does not look profesional!

Mar 3, 2006 12:08 pm

Client just pointed out to me that the 2/10 correction did not have the nice gain/loss schedule for sales attached.  Hopefully, none of my clients with gains and losses are throwing the original 1099’s away…

Mar 3, 2006 3:03 pm

I believe this is Pershing related but I don’t know for sure. I had a friend comment on this topic, another dealer but Pershing clearing.

Mar 3, 2006 3:12 pm

I wouldn't place the blame on pershing. My firm clears through them as well and we had no problem. Keep in mind the management at LPL is not the same. This could be the reason for your problems.

Mar 3, 2006 10:09 pm

Wow a negative new flash and it isn’t Jones related?? Get the batphone…

Mar 6, 2006 7:46 pm

I’ve been looking into this one and it’s IS the Mutual Fund companys’ faults.  I understand it’s been happening all over the place…