SIFMA provides comments to the Internal Revenue Service (IRS) on requesting the IRS promptly exercise its authority to extend the effective dates for basis reporting on debt instruments and options, REG-102988-11.  For basis reporting on debt instruments, SIFMA recommends that the rules become effective no earlier than January 1, 2015. SIFMA explains the major obstacles that brokers face in implementing the proposed reporting rules for options and debt instruments.