Implementation of Effective Basis Reporting Systems

SIFMA provides comments to the U.S. Senate Finance Committee on the Committee’s bipartisan draft 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 offers specific recommendations to the Committee that SIFMA believes are necessary to implement effective basis reporting systems that improve current “best efforts” practices.