The IRS has released the new Form 8971 (and its instructions) for executors to use to report federal estate tax values as required by new IRC section 6035. The Form 8971 is filed with the IRS, and a separate Schedule A is provided to each beneficiary receiving property from the estate.
The new reporting requirements apply to federal estate tax returns filed after July 31, 2015, and the due date for filing (and notice to beneficiaries) is normally 30 days after the federal estate tax return is required to be filed (including extensions). Under Notice 2015-57, 2015-36 I.R.B. 294, the date for filing returns (and notices to beneficiaries) required before February 29, 2016, was extended to February 29, 2016.