In an unusual but not surprising situation, the IRS enacted a new law that required any estates filing Form 706 to determine estate taxes owed after July 31, 2015 to report the value of the estate within 30 days after filing the estate form.
However, the IRS never issued any implementing regulations for the law. As a result, the IRS has recently announced that the requirements will be postponed until February 29, 2016. Mondaq.com reported this development in an article titled “IRS Postpones New Requirements For Estates To Report Asset Values.”
This does not mean that estate administrators should change anything they were already planning to do. It is still important to get proper valuations of estate assets as they will have to be reported for estate tax purposes.
The IRS will eventually implement regulations for the new rules and estate administrators should be ready to file at that time. On the upside, the postponement may give some administrators a little more breathing room.
Remember that it is important to speak with the estate’s attorney about all matters concerning the estate tax and proper valuation of estate assets. For more information, explore our website and contact us to schedule a consultation today!
Reference: Mondaq.com (September 8, 2015) “IRS Postpones New Requirements For Estates To Report Asset Values.”