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Post Date:  4/5/2016
Last Updated:  4/5/2016

Summary
Cross References
- Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent
- Notice 2016-27

On July 31, 2015, the President signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which contained a number of tax law provision changes. One provision contained in the new law requires that the executor of an estate that is required to file an estate tax return (Form 706) must file with the IRS and furnish to the beneficiaries Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, identifying the value of each interest received as reported on Form 706. IRC section 1014 requires that the FMV used to determine the basis of assets acquired from a decedent be consistent with the value used for estate tax purposes. IRC section 6035(a)(3)(A) says this information must be furnished to the beneficiary no later than the earlier of:
- The date which is 30 days after the date on which the Form 706 is required to be filed, including extensions, or
- The date which is 30 days after the date the Form 706 is filed.

Notice 2015-57. Shortly after the enactment of this new legislation, the IRS issued Notice 2015-57 which extended the due date for filing Form 8971. The notice said for forms required to be filed with the IRS or furnished to a beneficiary before February 29, 2016, the due date is delayed until February 29, 2016.

Notice 2016-19. On February 11, 2016, the IRS delayed the due date for filing Form 8971 once again. Notice 2016-19 said for forms required to be filed with the IRS or furnished to a beneficiary before March 31, 2016, the due date is delayed until March 31, 2016.

Notice 2016-27. On March 23, 2016, the IRS delayed the due date for filing Form 8971 once again. Notice 2016-27 says for forms required to be filed with the IRS or furnished to a beneficiary before June 30, 2016, the due date is delayed until June 30, 2016.

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