[23654]
July 27, 2009
TO: TAX COMMITTEE No. 19-09TRANSFER AGENT ADVISORY COMMITTEE No. 51-09
BANK, TRUST AND RECORDKEEPER ADVISORY COMMITTEE No. 29-09
BROKER/DEALER ADVISORY COMMITTEE No. 41-09 RE: DRAFT 2009 YEAR-END REPORTING LAYOUTS AND TARGET DELIVERY DATE
Attached for your review are draft primary, secondary and NRA layouts for use by regulated investment companies (“RICs”) to utilize in reporting 2009 year-end tax information to brokers and banks. Only one change has been made to these draft layouts from those used to report 2008 year-end tax information. [1] Specifically, a column has been added to the draft secondary layout for the per-share amount of tax credits paid on tax credit bonds (municipal bonds that provide investors with a credit against their federal tax liabilities). [2] The draft primary layout and draft NRA layout remain identical to the layouts used to report 2008 year-end tax information.
The Tax Committee recently discussed the requested target date for delivering year-end tax information to brokers and banks. Because the statutory deadline for providing tax information to customers was extended from January 31 to February 15, the Committee determined that the 2008 requested “target delivery date” of January 12 (the Monday after the second full weekend in January 2009) no longer was appropriate – particularly since the Monday after the second full weekend in January 2010 is one day earlier (January 11) than it was in 2009. Thus, the Committee supported a requested “target delivery date” of Tuesday, January 19, 2010 (due to the Federal holiday – Martin Luther King Jr. Day – on Monday, January 18). The “target delivery date” for the secondary layout would be Monday, January 25, 2010.
Please provide your comments – on (1) the layouts and (2) the requested “targeted due dates” for providing year-end tax information to brokers and banks – to the undersigned (at lawson@ici.org or 202/326-5832) by Friday, July 31.
Keith Lawson
Senior Counsel - Tax Law
endnotes
[1] See Institute Memorandum [#22789] to Accounting/Treasurers Committee No. 11-08, Bank and Trust Advisory Committee No. 25-08, Broker/Dealer Advisory Committee No. 26-08, Closed-End Investment Company Committee No. 28-08, Operations Committee No. 14-08, Tax Committee No. 27-08, and Transfer Agent Advisory Committee No. 43-08, dated August 15, 2008.
[2] See Institute Memorandum [#23275] to Tax Members No. 6-09 [and others], dated February 25, 2009.