Last Friday, the IRS released Notice 2015-57, which extends the due date for basis reporting statements required under the newly enacted Sec. 6035 of the Internal Revenue Code. Statements required under this section will be due by February 29, 2016 for estate tax returns filed after July 31, 2015. The timeframe contained in the statute becomes effective after February 29, 2016.
Under Sec. 6035, executors, administrators and/or other fiduciaries are required to file a statement with the IRS containing the basis of assets being transferred upon a decedent’s death. The information being reported on this statement needs to match the asset values being reported on the estate’s federal estate tax return. For further information regarding the new basis reporting provisions, as well as a summary of other recent changes to the Internal Revenue Code, please see the following link: Basis Reporting and Estate Tax Compliance — Now The Two Shall Meet.
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