7-20-11 Qualified Disaster Treatment for Japan

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Delay in Investment Basis Reporting Requirements by Investment Firms

The IRS has received several complaints about the 1/1/2013 effective date for report basis for broker basis in debt instruments and options. The complaints state that brokerage firms need more time to prepare and test systems that will calculate such basis. Because of these complaints, the IRS has announced that the new effective date for such reporting with now be 1/1/2014.

(1) IRS. Internal Revenue Service 4 May 2012

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7-20-11 Qualified Disaster Treatment for Japan

Qualified Disaster Treatment for Japan

The IRS has designated the earthquake and tsunami in that took place in Japan as a “qualified disaster” for federal tax purposes. This benefit means that the recipients of qualified disaster payments can exclude those payments from income on their tax returns. In addition, the guidance allows employer-sponsored private foundations to assist employee victims in areas affected by the March 2011 earthquake and tsunami in Japan without affecting their tax-exempt status.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

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7-20-11 Qualified Disaster Treatment for Japan