The Securities Industry Association (SIA)* provides comments to the U.S. Department of Treasury recommending legislation to provide securities firms and others who hold investments as nominees on behalf of customers in the ordinary course of their business with an additional two weeks, until February 15, to report all required tax information to their customers.  SIA estimates that this “good government” change would reduce by at least two-thirds the number of initial Forms 1099 sent by securities firms to their customers that must be later corrected.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.