Assent LLC prepares Form 1099's for individual customer account holders, usually by the end of January. Proprietary traders are issued K - 1's, usually at the end of March or in early April.
Throughout the course of the year, however, we strongly advise each account holder to review their monthly statements carefully to make sure that all activity posted is accurate and comprehensive.
Please see below for an outline of some important tax-related information. Please note that there may be a nominal service charge for processing requests for copies of such documents for prior years, should you or your accountant need an additional copy.
PLEASE NOTE THAT ASSENT LLC, INCLUDING ITS REGISTERED REPRESENTATIVES CANNOT AND WILL NOT PROVIDE TAX, FINANCIAL OR LEGAL ADVICE. ACCOUNT HOLDERS SHOULD ALWAYS SEEK PROFESSIONAL TAX ADVICE AND COUNSEL.
FORM 1099
After the calendar year closes, around the end of January we make available on our Clearing website PDF copies of 1099's, as well as the accompanying Schedule D, to all non - institutional retail customer account holders. Please speak to your Branch Office Manager or referring member concerning any questions, or special requirements you may have as it relates to the status of year-end tax reporting documentation.
1099's focus on income you may have received from dividends or interest, and it lists a trade date recap of all sale trades posted to your account during the calendar year. It does not include buy transactions, nor does it include an itemization of expenses incurred in trading. For option transactions, please keep in mind that only the closeout side will be included.
We'd like to take this opportunity to remind our customer account holders that the 1099 we will send you does not include an itemizing of realized gains and losses. In order to access such details, please log in to www.assentclearing.com to request a Schedule D Capital Gains Report for your account. You may also contact your Branch Office Manager to request a copy of this report, however please keep in mind that there is typically a service fee incurred for preparing the Capital Gains Report. When the capital gains reports are prepared and made available through our clearing website, they are accessible only for a limited period of time, so be sure to print out and/or archive these reports along the way so that you have all the information you'll need to complete the preparation of your tax returns. (Please also note that there may be an additional research fee for recreating daily reports after the availability period).
1099's themselves are typically available for one calendar year under the Monthly Statements selection.
Again, please remember that it is critically important that we have the correct physical mailing address for each account holder.
K - 1's
Assent LLC issues K - 1's to all proprietary traders. These reports reflect capital contributions and disbursements made over the course of the calendar year, as well as a confirmation of computed "Beginning" and "Ending" Capital. Typically, we issue "preliminary" K - 1's to Class C members at the end of March or so and we follow that up shortly thereafter with "finalized" versions.
As with 1099's, we will direct K - 1's to the mailing address we have on file. This is just one of the many important reasons that we have your correct address on file at all times. We'd like to take this opportunity to remind proprietary traders that the K - 1 we will send you does not include an itemizing of realized gains and losses. Proprietary traders should log on to www.assentclearing.com and look at the monthly Mark-to-Market Reports we make available, for approximately a period of four (4) months. Proprietary traders also have access to the Journal Entries and Clearance Activity Reports.
Monthly Statements
The Assent LLC monthly customer statements represent a very important communication from our firm. They are available electronically through our clearing website within a week or so following the close of the month. If there's a special policy update or other important news alerts we need to convey, account holders will see this information in the space reserved for Trader Alerts.
The Assent monthly statement reflects the start and ending period balances, income by category (i.e. "buckets"), gains and losses YTD, etc… as well as all of the activity posted to your account during the month. A detailing of how margin interest charges were computed for the month will also be shown. In the event that your account is "inactive" we generally won't issue you a statement unless your account continues to hold balances or positions.
Statements are generally available on our website for approximately three (3) months. Should you need "back copies" please alert your Branch Office Manager who can forward your request accordingly to appropriate personnel. Requests dating back over a year will incur additional expenses to the trader, so again it is important to review and print and/or archive your monthly data during the course of the year.
