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December 7, 2011

Posted December 7, 2011

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In this Issue:

Latest IRS Statistics Show Impact of Economy

The Fall 2011 issue of the Statistics of Income Bulletin (SOI), which features IRS data on 140.5 million individual income tax returns filed for tax year 2009, reflects the impact of the economy on a number of business sectors and individuals.

Proposed Regulations Apply Basis Reporting to Options and Debt

The IRS recently issued proposed regulations that would apply basis reporting by stock brokers to transactions involving options and debt instruments. Proposed changes would take effect starting Jan. 1, 2013.

Overpayment/Underpayment Interest Rates Remain Steady

The IRS has announced that overpayment and underpayment interest rates for the calendar quarter starting Jan. 1, 2012, will remain the same as the interest rates announced for the calendar quarter that started Oct. 1, 2011.