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.
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