AICPA urges Treasury and IRS to grant 60-Day extension of filing deadline for consistent basis reporting

In a March 4 letter, the AICPA urged the U.S. Department of the Treasury and the IRS to delay the estate basis reporting due date from March 31, 2016 until May 31 due to proposed regulations covering the new reporting requirements not issued until March 2, 2016. The AICPA’s letter states that the 29 days between the release of the proposed regulations and the March 31 due date is “not sufficient time” for taxpayers and practitioners to be aware of the proposed regulations and to review, analyze, and implement them during tax season. Read More