Coronavirus Relief Expanded to Federal Gift Taxes
By: Samantha Levokove
The IRS has issued Notice 2020-20, amplifying the relief previously provided in Notice 2020-18. Notice 2020-20 extends the due dates for filing Form 709 and making federal gift tax or generation-skipping transfer tax payments otherwise due on April 15, 2020. Automatic extensions are granted through July 15, 2020. Those needing additional time to file beyond the July 15, 2020 deadline can request an extension by filing Form 8892 by July 15, 2020. The period between April 15, 2020 and July 15, 2020 will be disregarded in calculating interest and penalties for late filing of Form 709 and late payment of federal gift or generation-skipping transfer tax. The relief in Notice 2020-20 does not apply to estate taxes.