ALERT – UPDATE 2.0 – New Rules for Basis Consistency
I described the new rules for basis consistency about which executors and their advisors must be aware. In an update, I highlighted the regulations that had been issued. The deadline for complying with the new rules was March 31, 2016. On March 23, 2016, the IRS issued another notice further extending the deadline to comply with the new rules until June 30, 2016. This extension gives executors and their advisors more time to digest the new rules and regulations, and hopefully, more accurately complete Form 8971 and Schedule A.