{"id":3220,"date":"2015-08-22T08:50:44","date_gmt":"2015-08-22T12:50:44","guid":{"rendered":"http:\/\/resources.evans-legal.com\/?p=3220"},"modified":"2015-08-22T08:50:44","modified_gmt":"2015-08-22T12:50:44","slug":"irs-delays-new-sec-6035-basis-reporting","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=3220","title":{"rendered":"IRS Delays New Sec. 6035 Basis Reporting"},"content":{"rendered":"<p>In <a href=\"http:\/\/www.irs.gov\/pub\/irs-drop\/n-15-57.pdf\" target=\"_blank\">Notice 2015-57<\/a>, the IRS has announced that the due date for the first new tax basis reports that must be filed under new IRC section 6035 is postponed to February 29, 2016.<\/p>\n<p>The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (enacted 7\/31\/2015 as P.L. 114 &#8211; 41), created <a href=\"http:\/\/resources.evans-legal.com\/?p=3154\">new sections 1014(f) and 6035, which require basis reporting for income tax purposes consistent with the values reported for federal estate tax purposes<\/a>.\u00a0 New section 6035 requires that that basis statements be filed with the IRS and affected 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, which means that statements could be due as early as August 30.\u00a0 In order to allow the Treasury Department and IRS to issue guidance implementing the reporting requirements of section 6035, the due date for statements required before February 29, 2016, is delayed to February 29, 2016.<\/p>\n<p>The Treasury Department and the IRS are inviting comments on possible regulations or other guidance, and comments can be submitted to:<\/p>\n<p>CC:PA:LPD:PR (Notice 2015 &#8211; 57), Room 5203<br \/>\nInternal Revenue Service<br \/>\nP.O. Box 7604<br \/>\nBen Franklin Station<br \/>\nWashington, DC 20044.<\/p>\n<p>Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to<\/p>\n<p>CC:PA:LPD:PR (Notice 2015 &#8211; 57)<br \/>\nCourier\u2019s Desk<br \/>\nInternal Revenue Service<br \/>\n1111 Constitution Avenue, NW<br \/>\nWashington, DC 20044<\/p>\n<p>Comments may also be sent by email to Notice.comments@irscounsel.treas.gov with \u201cNotice 2015-57\u201d in the subject line.<\/p>\n<p>The principal author of the notice is Theresa Melchiorre of the Office of the Associate Chief Counsel (Passthroughs &amp; Special Industries), (202) 317-6859.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Notice 2015-57, the IRS has announced that the due date for the first new tax basis reports that must be filed under new IRC section 6035 is postponed to February 29, 2016. The Surface Transportation and Veterans Health Care &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=3220\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[29,36],"tags":[440,327,359],"class_list":["post-3220","post","type-post","status-publish","format-standard","hentry","category-news-items","category-regulations","tag-basis","tag-federal-estate-tax","tag-federal-income-tax","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/3220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3220"}],"version-history":[{"count":5,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/3220\/revisions"}],"predecessor-version":[{"id":3234,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/3220\/revisions\/3234"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}