The IRS just announced new guidance in Notice 2020-20 stating that the due date for filing Forms 709 (United States Gift and Generation-Skipping Transfer Tax Return) and making payments of Federal gift and generation-skipping transfer tax is automatically postponed to July 15, 2020. These returns would have been due on tax due April 15, 2020. This relief is automatic and there is no need to file Form 8892 (Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax). If additional time is needed to file a gift tax return after the July 15, 2020 due date, an extension can be filed to extend the due date to October 15, 2020. Any gift tax payments will be due on July 15, 2020. Any payments not received by this date will begin to accrue interest and penalties.
This announcement comes just days after the Department of the Treasury and the IRS announced the due date for both filing Federal Income Tax Returns and making certain Federal Income Tax Payments was postponed from April 15, 2020 until July 15, 2020.