IRS Delays New Section 6035 Basis Reporting Requirements

The IRS recently released Notice 2015-57, which provides that the due date for the new tax basis reports that are now required to be filed under Section 6035 is postponed until February 29, 2016. 

Essentially hidden in the a highway improvement act, new section 1014(f) and 6035 where added to the Internal Revenue Code.  These new sections require basis reporting for income tax purposes consistent with the values reported for federal estate tax purposes.  These basis statements must be filed with the IRS and sent to estate beneficiaries within 30 days of the filing of an estate tax return (or the date the estate tax return is due) beginning with returns filed after the date of enactment.  In order to allow the IRS sufficient time to issue guidance on these new reporting ruels the IRS has delayed the filing deadline to February 29, 2016 for all reporting statements that otherwise would have been required to be filed before that date.