On Friday, July 31, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (ACT) was signed into law. The Act, which was mainly intended as a temporary extension of the Highway Trust Fund, includes many important tax provisions. This Tax Alert provides some of the main highlights of the tax aspects of the Act.
This alert includes:
- Changes to the return due dates
- Basis conformity and information reporting requirements for inherited property
- New FinCEN report due date
- Statute of limitation is extended to six years for basis overstatement
- New mortgage reporting requirements