New Guidance on Gift Tax Return & Payment Deadline

Posted by cgadmin
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March 28, 2020

We have updated guidance from the Internal Revenue Service (IRS) regarding gift tax return and payment deadlines amid the Coronavirus pandemic. Notice 2020-20 gives taxpayers an automatic extension to July 15, 2020 to file Form 709, Federal gift tax returns (generation-skipping transfer tax returns) and also to pay Federal gift tax or generation-skipping tax. Interest and penalties will begin to accrue on or after July 16, 2020 if an extension is not filed by July 15, 2020.¹ Contact Cg Ax, Audit and Advisory with questions.

Source:
Notice 2020-20. Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines. IRS.gov. https://www.irs.gov/pub/irs-drop/n-20-20.pdf.

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Source: Notice 2020-20. Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines. IRS.gov. https://www.irs.gov/pub/irs-drop/n-20-20.pdf.

Source:
Notice 2020-20. Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines. IRS.gov. https://www.irs.gov/pub/irs-drop/n-20-20.pdf.