Current Federal Tax Developments

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Tax Analysts Reports IRS Again Delays Due Date for First Forms 8971

Tax Analysts reported this afternoon that the IRS has delayed to June 30, 2016 (via Notice 2016-27) the due date for the initial batch of Forms 8971 from the March 31, 2016 date last set in Notice 2016-19.  The form is required to be filed by taxable estates that filed a Form 706 after July 31, 2015.  The form is due 30 days after the Form 706 is filed or by June 30, 2016, whichever is later.

The AICPA had requested that the IRS delay this date to give additional time to understand the proposed regulations issued earlier this month that are meant to guide the preparation of this form.

More information, including a link to the Notice, will be posted here once the IRS posts the Notice on their site.