Tax News You Can Use . . .

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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