SIFMA Submits Comments on Cost Basis Reporting and Basis Determination

SIFMA provided comments to the IRS on final regulations for cost basis reporting by securities brokers and basis determination for debt instruments and options. The primary request in the letter was to allow brokers to delay implementation, given the complexity of the new reporting requirements and all of the other new legal requirements imposed on financial institutions.

See: SIFMA Comment Letter; SIFMA Press Release.