On Friday, July 31, 2015, President Barack Obama signed HR 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (the “Act”). Not sure how this name relates to taxes but in any event the following tax law changes and provisions became law under this Act:
- Changes to the due dates for various returns. The Act sets new due dates for partnership returns, C corporation returns.
- Foreign Bank Account Reporting: New due dates for the important and often overlooked foreign bank account reporting (FBAR) forms, known as FinCEN Form 114, Report of Foreign Bank and Financial Accounts have been implemented.
- Changing the six year statute of limitations to apply to understatements of income that resulted from taxpayers overstating tax basis when calculating sales. This change overturns the Home Concrete case where the Supreme Court ruled that understatements of income as a result of basis miscalculations would not trigger the extended six-year statute of limitations applicable to understatements of income.
- Requiring consistent basis reporting for estates and estate beneficiaries.
- Requiring additional information to be included in mortgage information statements.
- Other Information Returns: The new act imposes new filing requirements for several other IRS information returns.