The AICPA asks IRS to postpone cost basis reporting dates

03/12/2014 | Accounting Today

The AICPA is asking the Internal Revenue Service to delay the cost basis reporting effective dates for options and debt instruments that are mandated under the 2008 Energy Improvement and Extension Act. The AICPA has also proposed to the agency that it further extend the effective dates in Treasury Decision 9616 by one year each. In a letter it sent to the IRS, the AICPA explained that it is concerned with "the inconsistency among brokers in reporting the disallowed loss from a wash sale" as well as the "different views among experts on how to properly account for market discount bonds that are not subject to the current inclusion election."

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