One significant tax law change contained in the Surface Transportation and Veterans Health Care Improvement Act of 2015 (STVHCIA) was the uniform reporting of basis for inherited assets. The act added IRC §6035 to require that an estate required to file an estate tax return must provide information to the IRS and beneficiaries regarding the basis reported.
Generally, the information must be provided to the IRS no later than by the earlier of 30 days after the date the Form 706 was required to be filed (including extensions, if any are granted) or 30 days after the Form 706 is actually filed by the estate. The law does authorize the IRS to move that date forward. The requirement applied to any estate that filed a return after July 31, 2015—which was the day this bill was signed into law.
In Notice 2015-57 the IRS has pushed the due date forward to February 29, 2016 for statements that would be due prior to that date under the 30 day rule found in the new law.
In addition to the information reporting, the law modified IRC §1014(f) to require beneficiaries to limit basis claimed on inherited property subject to these rules to either the value of the property as finally determined for federal estate tax purposes or, there is no final determination, the value reported to the IRS and beneficiary under the provisions of §6035 noted above.
The delay imposed by this notice allows the IRS to issue guidance on the requirements of this provision. The notice specifically directs executors and other persons not to file or furnish these statements until either forms or additional guidance is issued by the IRS.