IRS Delays New Inherited Property Reporting Requirements Until February 2016

In a Notice, IRS has announced a delayed due date for filing returns with IRS, and providing statements to beneficiaries under the rules requiring consistent basis reporting for transfer tax and income tax purposes that were signed into law on July 31, 2015. For each such return or statement that would otherwise be required to be filed with IRS, or furnished to a beneficiary before February 29, 2016, the due date will be February 29, 2016.