New 2011 1099B tax reporting

L

lwlee

For equities daytraders, does the new 1099B format make it easier for tax reporting? As I understand it, brokers will now report the cost-basis for transactions, rather than just the sales proceeds. So traders with thousands of transactions will no longer need separate software, like Tradelog, to generate logs of their trades.
 
I have thousands of trades per year and I use Tradelog. I'd like save the annual fee. But I'm not so sure that one can do w/o it (or similar) if one has wash sales that carry over at year end. The only way to avoid that problem is to close all loss positions and avoid for a month or apply for MTM trader status.
 
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