| IRS gives transitional relief to Form 8937, "Report of Organizational Actions Affecting Basis of Securities" filers!
The IRS announced on Friday that, due to its late release of the required form, it will not impose penalties on issuers of stock who report incorrect 2011 information required under Sec. 6045B, as long as they make a good-faith effort to timely comply with the requirements (Notice 2012-11).
The IRS released the final version of Form 8937, Report of Organizational Actions Affecting Basis of Securities, on Jan. 5, and its instructions on Jan. 6. The due date of the form is Jan. 17.
The IRS stated that it “recognizes that the release date provides a very limited timeframe remaining before the due date of the form.”
Accordingly, "the IRS will not impose penalties, for reporting incorrect information, on issuers who are required to file Form 8937 and furnish statements to shareholders under Sec. 6045B, provided they make good-faith efforts to post Form 8937 (or the required information) on their website or file accurate Forms 8937 and furnish corresponding issuer statements."
But, the IRS also states that "this relief applies only to organizational actions occurring in 2011."
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