IRS Extends Gift Tax Returns and Payments to July 15
The IRS released Notice 2020-20 (the “Notice”), which provides that the due date for filing federal gift tax or generation-skipping transfer tax returns (Form 709) due April 15, 2020, is automatically postponed until July 15, 2020.
Additionally, the due date for making payments of federal gift and generation-skipping transfer tax due April 15, is automatically postponed to July 15.
There is no need to file anything in order to receive this relief. However, a taxpayer needing an extension until October 15 to file a federal gift tax or generation-skipping transfer tax return must file a Form 8892 by July 15. Note that there is no ability to extend the time to pay until October 15, so payments are due on July 15.
At this time, there is no extension for estate tax returns or payments.
Please note that this is evolving news. There will no doubt be more developments, and we will keep you updated as they are released. Should you have any questions, please do not hesitate to contact your tax professional team members.
Cherry Bekaert remains committed to providing you a superior client experience. We continue to work hard and creatively to meet your tax return needs and encourage you to submit your tax information to us as early as you can. Filing now allows you to accelerate current year refunds, if applicable, and at a minimum provides you important cash flow planning information. Furthermore, the recently enacted CARES legislation permits many opportunities to carryback 2019 losses for additional refunds.
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