The Securities Industry Association (SIA)* provides comments to the Internal Revenue Service (IRS) and the U.S. Department of Treasury (Treasury) on tax withholding and information reporting requirements in the Tax Increase Prevention and Reconciliation Act of 2005 (the Act).  SIA requests guidance with respect to: 1) Section 502 of the Act, which includes a tax reporting requirement for interest paid on tax-exempt bonds; and 2) Section 505 of the Act, which modifies the tax withholding requirements for distributions to foreign persons by a regulated invested company (RIC) that are subject to taxation under the Foreign Investment Real Property Tax Act (FIRPTA).

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.