ABA Requests Extension for New Executor Reporting Requirements

In a letter to the IRS today, ABA requested that the agency extend the March 31 compliance deadline for new proposed executor reporting requirements until August 2016.

The association pointed out that the IRS has yet to publish the final version of the rule — and is not expected to do so until June — and that banks and third-party vendors have not had adequate time to adjust systems to be compliant with new reporting requirements. Extending the deadline would ensure that banks have an opportunity to see the final rule before they are expected to be in compliance, ABA said. For more information, contact ABA’s Phoebe Papageorgiou.