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IRS Extends Gift and Generation-Skipping Transfer (GST) Tax Filing and Payment Deadline to July 15, 2020 due to COVID-19 Pandemic
Practical Law Legal Update w-024-7496 (Approx. 2 pages)
IRS Extends Gift and Generation-Skipping Transfer (GST) Tax Filing and Payment Deadline to July 15, 2020 due to COVID-19 Pandemic
by Practical Law Trusts & Estates
| Published on 30 Mar 2020 • USA (National/Federal) |
On March 27, 2020 the IRS issued guidance extending the deadline to file Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) and pay any federal gift or generation-skipping transfer (GST) tax due for three months to July 15, 2020. The extension comes in response to the COVID-19 pandemic.
On Friday March 27, 2020, the IRS issued Notice 2020-20, which extends the deadline for filing Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) and paying any federal gift or generation-skipping transfer (GST) tax due until July 15, 2020. This extension comes in response to the COVID-19 pandemic.
This extension of time is automatic, so taxpayers are not required to file any additional forms or otherwise contact the IRS to qualify for this extension.
Taxpayers may choose to file Form 8892 by July 15, 2020, to obtain an extension to file Form 709 by October 15, 2020. However, any federal gift and GST tax payments postponed by this notice will still be due on July 15, 2020.
The IRS previously issued Notice 2020-18, which extended the deadline to file federal income tax returns and pay any tax due to July 15, 2020. For more information, see IRS Extends Income Tax Filing and Payment Deadlines to July 15, 2020 due to COVID-19 Pandemic.
For additional information regarding federal gift tax, see Practice Note, Federal Gift Tax. For additional information regarding federal GST tax, see Practice Note, Federal Generation-Skipping Transfer Tax.