ASA Urges IRS to Align Tax Form E-Delivery with SEC Rules

WASHINGTON – The American Securities Association (ASA) today released comments submitted to the Department of the Treasury and the Internal Revenue Service (IRS) supporting efforts to modernize how brokers deliver tax forms, such as the Form 1099, electronically to investors. ASA urged Treasury and the IRS to adopt a single electronic delivery framework that aligns with the Securities and Exchange Commission's (SEC) proposed Regulation E-Delivery.

"ASA supports Treasury and the IRS adopting a single, technology-neutral framework that defaults to electronic delivery and aligns with the SEC’s approach," said ASA President and CEO Chris Iacovella.

ASA's recommendations include:

• Making electronic delivery the default, with a simple option for investors to choose paper.

• Applying one consent per account, rather than form by form.

• Treating a statement as delivered when it is posted to the investor's secure account with notice, the same way paper is treated as delivered when mailed.

• Adopting the framework through formal rulemaking, with penalty relief for firms during the transition.

###

The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.