IRS Encourages Congress to Require Disclosure of Investors' Costs

An official of the Internal Revenue Service is currently encouraging Congress to mandate that financial services firms disclose to the government what investors pay for their stocks and mutual funds, according to The Wall Street Journal.

Under the new proposal, not only would firms have to disclose cost data for customers, they would also have to disclose this information to the IRS when a stock or a mutual fund is sold for a taxable account, the Journal reports.