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 firstname.lastname@example.org