The Emergency Economic Stabilization Act of 2008 required brokers and mutual fund companies to report cost basis to the IRS. This was phased in between 2011 and 2014 for most securities. Assets acquired after 2014 are “covered” and the company will report the cost basis to the IRS. Those acquired before 2011 are “noncovered” and may be listed as “not reported to the IRS.” In this case, you need to report the basis to the IRS when you file taxes.