AICPA’s Comments on Notice 2011-66
On September 7, the AICPA Carryover Basis Task Force sent comments to the IRS on Notice 2011-66 making suggestions and requesting additional guidance on several issues, some of which are summarized below. They suggest a “policy of restraint” in auditing taxpayers having carryover basis issues for tax years after 3 years from the filing of the [...]
Form 8939 Filing Deadline Extended
Today, pursuant to Notice 2011-76 (the “Notice”), the IRS extended the due date for filing the Form 8939 from November 15, 2011 to January 17, 2012. This Notice is unexpected considering shortly ago on August 29, 2011 the IRS issued Notice 2011-66 extending the deadline for filing the Form 8939 to November 15, 2011. Rev. Proc. 2011-41 was [...]
IRS Publication 4895
On April 9, the IRS posted the following release regarding the forthcoming Publication 4895 concerning sales of property received from 2010 decedents. Taxpayers that need to report gain or loss on sales of such property should consider extending their income tax returns and paying estimated tax. If the estimate is based on a reasonable interpretation [...]
Grantor Trusts
During “tax season,” I often hear tax professionals say…”it’s not a grantor trust, it’s irrevocable.” All of us who deal in the world of trusts need to be aware of the grantor trust rules. The lawyer who drafts the trust, the CPA who prepares the income tax return (Form 1041), the money manager who allocates [...]
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