Bipartisan Discussion Draft on Basis Reporting

SIFMA provides comments to the staff directors of the U.S. Senate Finance Committee on a bipartisan staff discussion draft on basis reporting. The draft proposal would expand gross proceeds reporting requirements for brokers and require brokers to report the adjusted basis of securities sales to taxpayers and the Internal Revenue Service (IRS). SIFMA supports efforts to improve tax compliance and offers its experience and expertise to develop effective basis reporting rules that will reduce the misreporting of capital gains and losses.