Gift Tax Returns

Gift Tax Returns Added to July 15 Tax Filing Deadline

April 2, 2020 - On March 20, 2020, the IRS published Notice 2020-18 postponing both the filing and payment deadlines for income tax returns from April 15 to July 15, 2020. Noticeably missing from Notice 2020-18 was any reference to the filing of gift tax returns.

A few days later, on March 30, 2020, the IRS issued Notice 2020-20, amplifying Notice 2020-18 to include Form 709, United States Gift (and Generation Skipping Transfer) Tax Return. Notice 2020-20 extends both the due date for filing and for and making payments of Federal gift and generation-skipping transfer tax from April 15, 2020, to July 15, 2020. This relief is automatic.

There is no reference in Notice 2020-20 to any extension of time to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. Presumably, these returns continue to be due nine months after the decedent's date of death. 

For more information regarding the gift tax return filing deadline, contact your Dermody, Burke & Brown tax advisor.

 

The information reflected in this article was current at the time of publication.  This article will not be modified or updated for any subsequent tax law changes, if any.