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

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

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.

Request Daily Tax Report