SIA Submits Comments to the IRS on Information Reporting Requirements on Certain Sales by Brokers
Published on:
August 14, 2001
The Tax Compliance and Administration Committee of the Securities Industry Association (SIA)* provides comments to the Internal Revenue Service(IRS)on proposed regulations on information reporting for certain payments made on behalf of another person, payments to joint payees, and payments of gross proceeds from sales involving investment advisers, REG-246249-96. The proposed regulations under Section 6045 of the Internal Revenue Code would clarify and amend the information reporting requirements on sales affected by brokers for their customers.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.