When President Obama signed the Surface Transportation and Veteran’s Health Care Choice Improvement Act of 2015 into law last July it contained a provision completely unrelated to the name of the Act. It provided that executors or others who are required to file an estate tax return must also file a statement of the basis of property distributed.
This provision was supposed to be effective immediately. However, the Internal Revenue Service needed some time to propose regulations and come up with the proper forms, so they extended the deadline to Feb. 29, 2016.
With the new deadline fast approaching, Accounting Today reports that the deadline has been extended again in "IRS Delays Estate Basis Reporting Deadline."
The new deadline for reporting is March 31, 2016. In fact, the IRS suggests that people wait to file as the IRS plans on having proposed regulations and new forms available soon. The IRS suggests waiting to file the required information until you have a chance to review the regulations.
If you are required to file a statement under this law, you should keep in touch with your estate attorney so that you know when the regulations are published. You can then review the regulations with the attorney and file as required.
Reference: Accounting Today (Feb. 12, 2016) "IRS Delays Estate Basis Reporting Deadline."