Returns of Information by Brokers Regarding Sales of Securities

Cover Broker Underreporting Gaps

AKA “Ensure Full Transparency in Securities Transaction Reporting”


Which agency/agencies promulgated the regulation? *
Internal Revenue Service (IRS)
Which title, parts, and/or sections of the Code of Federal Regulations (C.F.R.) should be rescinded? *
26 CFR Part 1.6045-1
What is your name?
—OPTIONAL--
Is your proposed rescission a notice of proposed rulemaking, final rule, direct final rule, interim final rule, or interpretive rule? *
Notice of Proposed Rulemaking
What is the name of the regulation being rescinded, if applicable? *
Returns of Information by Brokers Regarding Sales of Securities
Please provide a short summary of the justifications for the rescission. *
Rescind broker reporting exemptions and expand mandatory disclosures to ensure universal reporting of securities transaction data.
Please insert the address of the agency. [NPRM, DFR, and IFR only]
Department of the Treasury Internal Revenue Service 1111 Constitution Avenue, NW Washington, D.C. 20224
Please insert the contact information for the agency. *
public_liaison@irs.gov
What is the background for the regulation being rescinded? *
Current reporting gaps allow significant underreporting of capital gains, reducing compliance and increasing audit burdens.
Explain the reasons for the rescission. *
Standardizing full cost basis and proceeds reporting across all transactions would simplify enforcement, reduce taxpayer burden, and improve voluntary compliance rates.
Describe the text of the relevant C.F.R. provisions as it will exist after the rescission. *
Broker information returns will universally include cost basis and gross proceeds for all securities transactions without exception.
Please insert the name of the current agency head. *
Michael Faulkender
Please insert the title of the agency head. *
Acting Commissioner of Internal Revenue