[25640]
November 15, 2011
TO: BDAC COST BASIS REPORTING TASK FORCE No. 34-11BANK, TRUST AND RETIREMENT ADVISORY COMMITTEE No. 68-11
BROKER/DEALER ADVISORY COMMITTEE No. 74-11
OPERATIONS COMMITTEE No. 46-11
SMALL FUNDS COMMITTEE No. 49-11
TAX COMMITTEE No. 71-11
TRANSFER AGENT ADVISORY COMMITTEE No. 94-11 RE: DRAFT LETTER TO IRS ON DRAFT PUBLICATION 1179 - COMMENTS REQUESTED
Attached for your review is a draft letter to the Internal Revenue Service (“IRS”) providing comments on the draft Publication 1179, “General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns,” that was released in October. [1] The comment letter focuses on the new requirements for substitute Forms 1099-B, as the draft publication contains significant changes to the prior rules. First, the Institute asks the IRS to provide that, given the substantial changes set forth in the draft publication, such changes will not be mandatory for sales of mutual fund shares for 2011. The Institute then asks the IRS to revise the requirements for substitute Forms 1099-B to allow brokers greater flexibility in the presentation of information to their customers.
Please provide any comments on the draft letter to me (202-371-5432 or kgibian@ici.org) no later than the close of business on Monday, November 21, 2011.
Karen Lau Gibian
Associate Counsel
endnotes
[1] See Institute Memorandum (25572) dated October 20, 2011.