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The Department of the Treasury and the IRS Extend the April 15 Gift Tax Deadline

Estate, Trust & Wealth Preservation Patrick J. Bitterman

The Department of the Treasury and the IRS continue to act in response to the emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in connection with the ongoing COVID-19 pandemic.

On March 27, 2020, Notice 2020-20 was issued, granting a 91-day extension to a taxpayer to file his or her 2019 Federal Form 709 United States Gift and Generation Skipping Transfer Tax Return. Notice 2020-20 also extended the time to make any tax payments associated with the filing of such return. The extension applies to all taxpayers required to file any such Form 709 returns and to pay any associated gift taxes. These returns and payments are now due on July 15, 2020. There is no limitation on the amount of the payment that may be postponed. No interest, penalties, or addition to tax for failure to pay will begin to accrue until July 16, 2020. Affected taxpayers do not have to file Form 8892 to request extensions.

Taxpayers who do not expect to be prepared to file Form 709 on or before July 15, 2020 should still file Form 8892 in order to extend the filing date for their Form 709 to October 15, 2020. Form 8892 must be filed by July 15, 2020, in order to obtain an extension to file to October 15, 2020. The filing of Form 8892 will not extend the payment date for any gift tax that may be due. Such payments must be made on or before July 15, 2020, to avoid the imposition of interest and penalties for failure to make payment.

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