IRS Seeks Comments to Keep Dealer Tax Valuation Simple
Published Date: 3/6/2025
Notice
Summary
The IRS is asking for comments to renew a rule that helps dealers in securities and commodities use easier ways to value their positions for taxes. This safe harbor rule keeps things simple and cuts down paperwork, with no changes planned. Dealers should share their thoughts by May 5, 2025, to keep this helpful method going smoothly.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Safe‑harbor valuation stays available
If you are a dealer in securities or a dealer in commodities, you may elect to use the values of positions reported on certain financial statements as the fair market values for Section 475. The IRS is seeking renewal of the existing safe harbor (TD 9328 and TD 8700) with no changes, which is intended to reduce paperwork and make the valuation rule easier to administer.
Estimated paperwork time requirement
The information collection tied to this safe harbor (OMB Control No. 1545-1945) is estimated to generate 15,708 responses, at about 3 hours and 19 minutes per respondent, for a total estimated annual burden of 52,182 hours. Businesses subject to this rule should expect to spend that amount of time annually on the collection.
Final mark‑to‑market guidance for securities dealers
TD 8700 contains final regulations that provide guidance to help dealers in securities comply with the mark‑to‑market requirement under Section 475. That guidance is part of the renewal request the IRS is seeking to continue.
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