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New Reporting Requirements for Executors of Estates- Part 2

As discussed in the previous post, executors must now be aware of their responsibility to file newly created IRS form 8971, titled, “Information Regarding Beneficiaries Acquiring Property From a Decedent.”

Form 8971 (including all attached Schedule(s) A) must be filed with the IRS and only the Schedule A is to be provided to the beneficiary listed on that Schedule A, no later than the earlier of:

  • 30 days after the date on which Form 706 is required to be filed (including extensions) with the IRS; or
  • 30 days after the date Form 706 is filed with the IRS.

If the first Form 706, is filed both after the form’s due date (including extensions) and after July 2015, the Form 8971 and Schedule(s) A are due 30 days after the filing date.

Form 8971 is a separate filing requirement from the estate’s Form 706 and should not be attached to the respective estate tax return. The 8971 and attached Schedule(s) A must be filed with the IRS, separate from any and all other tax returns filed by the estate.

February 29, 2016 is the due date for:

  • all Forms 8971 (including the attached Schedule(s) A) required to be filed with the IRS after July 31, 2015, and before February 29, 2016; and
  • all Schedules A required to be provided to beneficiaries after July 31, 2015, and before February 29, 2016.

Form 8971 and all Schedule(s) A) are filed at:

Department of the Treasury
Internal Revenue Service Center
Mail Stop #824G
Cincinnati, OH 45999

A beneficiary can be provided Schedule A:

  • in person;
  • by email;
  • by U.S. mail to the beneficiary’s last known address; or
  • by private delivery service to the beneficiary’s last known address.

The executor of the estate must certify on Form 8971 the date on which Schedule A was provided to each beneficiary and should keep proof of mailing, proof of delivery, acknowledgment of receipt, or other information relevant for the estate’s records.

To be continued….
Aaron E. Futterman, CPA, Esq. is a partner in the law firm of Futterman & Lanza, LLP with offices in Smithtown, NY and clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester and Rockland Counties. He concentrates his practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.

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