More On Legal & Compliancefrom The Advisor's Professional Library
- Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law. The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
The IRS issued guidance on Friday for executors who plan to opt out of the estate tax and have carryover basis rules apply for estates of people who died in 2010.
The IRS said an executor who chooses to opt out of the estate tax must file Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, by Nov. 15. The IRS said it expected to issue Form 8939, which can currently be viewed in draft form, and related instructions early in the autumn.
The agency noted that the Economic Growth and Tax Relief Reconciliation Act of 2001 repealed the estate tax for people who died in 2010. However, the estate tax for those who died in 2010 was reinstated by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The new law allows executors to elect to be governed by the repealed 2001 carryover basis provisions.