CPAs Seek Further Delay of New Estate Tax Filing Requirements

The Texas Society of Certified Public Accountants (TSCPA) is a nonprofit, voluntary professional organization representing more than 27,000 members.

Considering the complexity of the recently issued proposed regulations in TD 9757 and the timing of this short deadline during the busiest part of the tax filing season, we join the American Institute of CPAs in requesting that the Treasury Department and the IRS delay the estate basis reporting deadline from March 31, 2016 to May 31, 2016, to give taxpayers, executors and practitioners adequate time to become familiar with the new requirements. We believe this further extension of 60 days, until after the busy tax filing season, will improve compliance and accuracy of these estate basis reporting statements.

Please let us know if you have any questions or wish to discuss further. You may contact John Sharbaugh at 972-687-8520 (jsharbaugh@tscpa.net).

cc:

Catherine Veihmeyer Hughes, Estate and Gift Tax Attorney Advisor, Office of Tax Policy, Department of the Treasury

Melissa Liquerman, Chief, Branch 4, Office of the Associate Chief Counsel for Passthroughs and Special Industries, Internal Revenue Service

Karlene Lesho, Senior Technician Reviewer, Branch 4, Office of Associate Chief Counsel for Passthroughs and Special Industries, Internal Revenue Service

Theresa Melchiorre, Attorney, Office of the Associate Chief Counsel for Passthroughs and Special Industries, Internal Revenue Service AICPA Tax Division