Securities Traders Need Tax Relief on IRS Cost-Basis Reporting Rules

1,839 Letters and Emails Sent So Far

Securities Traders Need Tax Relief on IRS Cost-Basis Reporting Rules

New “cost-basis reporting” rules for 2011 are not functioning properly. Botched implementation is unfairly causing millions of taxpayers to significantly overpay their tax bills. The IRS should have issued the same set of rules for brokers and taxpayers, but did not. How can the IRS now send tax notices and audits to hundreds of thousands of taxpayers over 1099-Bs prepared under one set of rules, while holding taxpayers accountable to another set of rules? Taxpayers did not sign up to be deputy accountants for this mess!

Kindly sign in below to read our full petition. Please sign and send it to your Congressmen very soon. See some of the excellent public comments below from other signers and please add your comments, too. 

For more background information on this problem, see our cost-basis reporting page at http://www.greencompany.com/EducationCenter/Trader-Tax-Center/Cost-Basis-Reporting.shtml. Thank you for your help. 

Robert A. Green, CPA, CEO GreenTraderTax.com & Managing Member Green NFH, LLC
TradersAdvocacy.Org. Please send comments to info@greencompany.com

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This tax code for traders is an authentic and costly form of sadism.
I have spent a little over a year, likely 100 hours or more, numerous certified letters, etc to resolve a 107K difference in calculations and 8K in fines. In the end.... still pending yet another "we'll get back to you in 60 days from the IRS" I will owe approx. 3K in taxes (from 107K) and God knows what in fines. Simply a disgrace.
The fact that so many taxpayers are confused and failing is strong evidence that the system is broken. Please fix this issue by simplifying our tax code.
This needs to be fixed. A tax payer should not have to spend 100s of hours figuring out how much to pay.
I'm been doing more day trading lately, but do not qualify as a "trader" since I have a full-time job. I didn't realize what a nightmare these new accounting requirements are having on me. It requires special software and a CPA. This isn't right or fair for the average tax payer. Please help!
I think it is incumbent upon Congress and the IRS to require the same set of rules for brokers reporting of 1099-Bs and taxpayers Form 8949. Regulations that do not require reporting under the same set of rules is unfair to the taxpayer.
typical bull$heet
There are plenty of easy to follow guidelines which could be implemented. Why not chose one?