IRS Postpones Filing and Payment Deadlines for Gift and Generation Skipping Transfer Tax (GST) Returns from April 15, 2020, to July 15, 2020  

Deadline Now July 15, 2020
Jason Flashberg, Tax Partner, Robin Paule, Tax Partner, Noel Brock, Tax Principal
March 30, 2020

On March 27, 2020, the Internal Revenue Service issued Notice 2020-20 (“Notice”). The Notice provides that for Affected Taxpayers, Federal Gift and Generation-Skipping Transfer (GST) Tax Returns (Form 709) now have the same postponement of filing and payment deadlines as federal income tax returns. This relief is good news for taxpayers.  Pursuant to the Notice:

  • The due date for filing Form 709 and payment of Federal gift or GST tax originally due on April 15, 2020, is automatically postponed to July 15, 2020.
  • Taxpayers do not have to file Form 8892 (Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax) by April 15, 2020; the relief is automatic.
  • Interest, penalties, and additions to tax will not accrue for Affected Taxpayers from April 15, 2020, to July 15, 2020, but will begin to accrue on July 16, 2020, on any then unpaid tax.
  • To extend the time to file Form 709 to October 15, 2020, the taxpayer must file Form 8892 by July 15, 2020.

This Notice only applies to Form 709 and thus does not apply to United States Estate (and Generation-Skipping Transfer) Tax Returns (Form 706) that would otherwise be due April 15, 2020.

If you have questions, please contact your HCVT tax professional. 

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