188bet亚洲真人体育下载 Urges Congress to Modify Deadline for Reporting Estate Basis

的 美国注册188bet亚洲真人体育下载 (188bet亚洲真人体育下载) has written Congress to urge it to modify the reporting deadline for estate basis statements.  的 188bet亚洲真人体育下载 is proposing a reporting deadline of February 15 following the end of the calendar year in which an estate distributes assets to a beneficiary, rather than 30 days after an estate files the federal 遗产税报税表. 

Adopting the 188bet亚洲真人体育下载’s proposed change would “streamline the process and make the reporting more accurate and useful” to the beneficiaries and the Internal Revenue Service (IRS), 特洛伊K. Lewis, chair of the 188bet亚洲真人体育下载 税 Executive Committee, wrote in the 信. 

Lewis explained that in 2015 Congress amended Internal Revenue Code section 1014 to provide for the consistent use of the value of property passing from a decedent’s estate and the value subsequently used by the beneficiary to determine gain or loss upon the disposition of such property acquired from a taxable estate. 

Congress also added section 6035, which requires the executor of any estate required to file a return under section 6018(a) to furnish to the Secretary of the Treasury and to each person acquiring an interest in property included in the decedent’s gross estate for federal estate tax purposes a statement identifying the value of each interest in such property as reported on such return and such other information with respect to such interest as the Secretary may prescribe.  Section 6035(a)(3) states that the time for filing such statement is 30 days from the earlier of the date the return was required to be filed (including extensions, if any) or the date the return was actually filed.

“对于很多庄园来说, the executor does not know within thirty days after filing the 遗产税报税表 which beneficiary will receive what asset.  事实上, 这是习惯, 如果不是大多数, executors do not fully distribute estate assets until after they have received the IRS closing 信 to ensure that there are sufficient funds in the estate to meet its federal and state tax obligations,刘易斯写道.

Lewis stated the 188bet亚洲真人体育下载’s proposal would:

• Continue the reporting of estate basis to beneficiaries and the IRS;
• Maintain the intent of the provision;
• Simplify and improve the administrative process;
• Result in more accurate reporting; and
• Provide more meaning to the information provided by the executor to beneficiaries.