IRS Postpones Gift Tax Filing Deadline To July 15, 2020 Due To COVID-19 Pandemic

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As a follow-up to its prior announcement that the April 15 income tax filing deadline is extended to July 15 due to the COVID-19 pandemic, the Treasury Department has announced a similar extension of the filing deadline for any individual who has to file a federal gift tax or generation-skipping transfer tax return by April 15, 2020. For any such individual, the new due date for filing Forms 709 (United States Gift and Generation-Skipping Transfer Tax Return) and making payments of federal gift and generation-skipping tax is automatically postponed until July 20.

This extension is automatic, and there is no requirement to file Form 8892 to obtain the benefit of the filing and payment postponement. A taxpayer may still choose to Form 8892 by July 15 in to obtain an extension until October 15, 2020. Interest, penalties, and additions to tax with respect to such postponed Forms 709 and payments will begin to accrue on July 16, 2020.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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