The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 will introduce a number of estate tax reporting changes. There is a request on the Internal Revenue Service (IRS) from the American Institute of Certified Public Accountants (AICPA) to offer more guidance on these changes that are being implemented. “To improve tax compliance and provide additional revenue for highway construction, that Act requires taxpayers to report the value of larger estates (subject to positive estate tax liability) in the year they are inherited, so that their value cannot be overstated at a later date.” There have also been changes to the 30-day information return filing requirement for estate executors. The AICPA has made a number of recommendations for the new regulations that the IRS will implement in regards to this new legislation.
See Mike Godfrey, AICPA Calls For Additional IRS Guidance On Estate Tax, Tax-News, February 3, 2016.
