Following ABA’s recent request, the IRS today said it would extend the compliance deadline for new proposed executor reporting requirements. Initially set for March 31, the deadline will now be June 30.
ABA 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. For more information, contact ABA’s Phoebe Papageorgiou.