A law passed in 2008 requires brokers to report an
investor's basis in stocks and mutual fund shares when these investments are
sold. The final step in these new reporting requirements was to become
effective for debt instruments and options on January 1, 2013.
The IRS has announced a delay in the effective date, moving
it to January 1, 2014. This one-year delay is in response to complaints that
the earlier deadline did not give brokers and other financial institutions time
to build and test systems to handle the complicated basis reporting
requirements.
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