Reporting of Customer’s Basis in Securities Transactions

SIFMA provides comments to the Internal Revenue Service (IRS) and the U.S. Treasury Department regarding proposed regulations on cost basis reporting. SIFMA urges the IRS and Treasury to complete and release final regulations as soon as possible. SIFMA requests that the effective date of the transfer statement requirement under Code section 6045A be delayed until January 1, 2012. SIFMA believes that the Treasury has the authority to delay the effective date, and that a delay would further the legislative intent of assisting taxpayers and the IRS to ensure accurate and complete reporting of tax basis on federal tax returns.