One-year reprieve on new basis reporting rules

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in Small Business Tax,Small Business Tax Deduction Strategies

New brokerage firm basis reporting rules for bonds, other debt instruments and options were scheduled to take effect Jan. 1, 2013. But brokers and financial services professionals asked the IRS for more time to update their systems and check for any glitches.

Now the IRS has extended the deadline until Jan. 1, 2014, to implement the new basis reporting rules.

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