The Financial Crimes Enforcement Network has issued an interim final rule that removes the obligation for U.S. companies and U.S. persons to report beneficial ownership information (BOI). Now, only foreign entities registered to do business in the U.S. must comply, but they are not required to report U.S. persons as beneficial owners.
Tax Alert: Impending Deadline & New Filing Requirements For Estates (form 8971)
By Stephen J. Olsen — On July 31, 2015, HR 3236, Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”), was signed into law. Section 2004 of the Act enacted new Sections 1014(f) and 6035(a)(1) of the Internal Revenue Code of 1986, which require basis reporting of property acquired from a decedent. Earlier this week, the IRS released Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, intended to implement this mandate. The form can be found here. The instructions for the form can be found here.
Stephen J. Olsen is a partner at Gawthrop Greenwood, PC, where his practice includes Estate Administration, Estate Planning, Taxation and Business Transactions. Steve can be reached at solsen@gawthrop.com or 610-696-8225.
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