Securities Basis Reporting Aired


Requiring securities brokers to report basis on their customers’ transactions has received renewed attention in Congress as a way to help bridge the “tax gap.” Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking minority member Chuck Grassley, R-Iowa, presented draft legislation in late May. Bills also have been introduced in both houses (S 601 and HR 878). The Treasury Department has estimated that a Bush administration version of the measure could raise $6.7 billion over 10 years.

In January, the AICPA submitted written comments to Baucus and Grassley on securities basis reporting and other tax measures. The letter signed by Jeffrey Hoops, chairman of the AICPA’s Tax Executive Committee, said the AICPA supports the concept, but it urged holding off implementation until the IRS is able to clear technical hurdles of processing and utilizing the information. Without the ability by the IRS to match the data to income tax returns, reporting could impose a burden on taxpayers outweighing its enforcement benefit, Hoops wrote.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.