Coronavirus Tax Filing & Payment

New Guidance on Gift Tax Return & Payment Deadline

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.

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.