A Guide To Understanding and Successfully Meeting Its Challenges
On April 18, 2013, the U.S. Treasury Department and IRS released the final regulations for cost basis reporting of debt instruments and options. This is the third and final implementation phase of the cost-basis reporting law, contained within the Energy Improvement and Stabilization Act of 2008. These Phase III final regulations* will begin to take effect on January 1, 2014.
There is no longer any reason to wait to devise and put in place sound compliance solutions and secure or build, test, and refine systems in preparation for complying with this most complex and challenging phase of cost basis reporting law implementation. The issuance of the Phase III regulations was effectively the starting gun for the hard work broker-dealers have ahead—particularly as they simultaneously prepare for compliance with the January 1, 2014, implementation of the Foreign Account Tax Compliance Act (FATCA). www.broadridge.com/taxreadiness