IRS Delays Basis Consistency Reporting Due Date

The IRS issued Notice 2016-19 (here), effective February 11, 2016. The notice extends the filing deadline for the new Form 8971 to March 31, 2016. 

As discussed in last week’s post, Form 8971 implements basis reporting requirements enacted by Congress in 2015.  Hopefully the IRS will use the additional time to clear up the ambiguities and eliminate the needless burdens of the current version.