The American Institute of CPAs has written a letter to the Internal Revenue Service, asking the agency to postpone the effective dates for cost basis reporting for options and debt instruments.

The AICPA’s March 4 letter proposes further extension of the effective dates in Treasury Decision 9616 by one year each, moving the initial tracking of cost basis for options and debt instruments from Jan. 1, 2014 to Jan. 1, 2015, transfer reporting from Jan. 1, 2015 to Jan. 1, 2016, and reporting for complex debt instruments from Jan. 1, 2017 to Jan. 1, 2018. The new basis-reporting requirements were mandated by a 2008 law, the Energy Improvement and Extension Act.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access