Tuesday, January 26, 2016

Estate Basis Reporting Requirement Approaching

In recent years, congress has enacted various tax laws to increase the accurate reporting of tax basis. These laws have extended to individuals, financial institutions, and most recently executors (e.g. personal representatives, and trustees). With the Surface Transportation Act of 2015, executors of estates required to file an estate tax return must now separately provide to the receiving beneficiaries as well as the IRS the estate’s claimed tax value of all property included in the decedent’s estate that was or will be distributed..

This new law became effective for estate tax returns filed after July 31, 2015. The due date
from It's Taxing - Bond Beebe

No comments:

Post a Comment