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New Estate Tax Reporting Requirements Delayed

Scott Ditman, CPA/PFS and Marco Svagna, CPA
09.28.2015 | eVisor
New estate tax reporting requirements imposed by the recent transportation spending act1 (the Act) have been delayed until February 29, 2016.

Under the Act, if property is included in the decedent’s estate, any estate required to file federal estate tax returns must also provide the IRS with information returns, along with payee statements to any persons acquiring an interest in the property from the estate. These statements must identify the estate tax value of each such property interest acquired by a transferee.

Originally, the Act required the statements to be filed 30 days after the date on which the estate tax return was required to be filed, including extensions. The delay gives the IRS and Treasury Department time to issue guidance on how to carry out these requirements.

1 The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, H.R. 3236

Questions? Contact your Berdon advisor or Scott Ditman, CPA/PFS at 212.331.7464 | sditman@berdonllp.com or Marco Svagna, CPA at 212.331.7644 |msvagna@berdonllp.com.