Estate Advisers Say 90-Day Window for Filing Form 8939 Needed

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While IRS has finally issued guidance on carryover basis, the final form for making that election out of the estate tax regime has not yet been published and IRS is allowing no wiggle room for its filing going forward, estate advisers say. Guidance (Notice 2011-66) issued Friday requires the form to be filed by Nov. 15, with no exceptions, leaving executors short of the 90 days promised, unless the form materializes immediately. “Until fiduciaries have the actual Form 8939 and instructions, they won't be able to focus as meaningfully on what they need to do,” says Ron Aucutt, partner with McGuireWoods.