IRS announces delayed due date for new estate basis reporting rules

The IRS has delayed until next year the due date for statements reporting the value of estate assets required by Sec. 6035, which was enacted July 31. Under the reporting rules, statements must be furnished to the IRS and to beneficiaries within 30 days of the estate tax return’s due date, so for estates that had returns due Aug. 1, the statements were originally due by this Aug. 31.

Notice 2015-57 states that, for any statement that Sec. 6035 requires to be filed with the IRS and estate beneficiaries before Feb. 29, 2016, the due date is postponed until Feb. 29, 2016. This relief applies to executors of estates and other persons who are required under Sec. 6018(a) (estate returns by executors) or 6018(b) (estate returns by beneficiaries) to file a return if that return is filed after July 31, 2015.  

Sec. 6035 requires estates to furnish a statement to the IRS and any person acquiring any interest in property included in the decedent’s gross estate for federal estate tax purposes, identifying the value of the interest in the property as reported on the estate’s tax return. (See earlier coverage here.)

According to the IRS, the delay in the effective date is to permit it to issue additional guidance on these new requirements. To that end, the IRS is requesting comments on the guidance to be issued, which can be submitted electronically and should refer to Notice 2015-57.

—Sally P. Schreiber (sschrieber@aicpa.org) is a JofA senior editor.