The Internal Revenue Service has issued a notice that provides transitional relief from information reporting requirements for issuers of stock with respect to organizational actions that affect the basis of the stock.

Notice 2012-11 offers transitional relief from the information reporting requirements in Section 6045B of the Tax Code. The notice provides that posting either Form 8937, Report of Organizational Actions Affecting Basis of Securities, or the required information in a readily accessible format to an issuer’s primary public Web site, will satisfy an issuer’s requirement to file and furnish Form 8937 for rganizational actions occurring in 2011.

The notice also provides that the IRS will not impose penalties for reporting incorrect information against issuers under Sections 6721 or 6722 related to filing and furnishing Form 8937 for 2011 organizational actions provided that they make good-faith efforts in posting the Form 8937 or the required information on the issuers’ primary public Web sites in a timely manner, or filing accurate Forms 8937 and furnishing the corresponding issuer statements.