COVID-19: IRS Issues Notice 2020-20 Postponing Filing and Payments of Federal Gift and Generation-Skipping Transfer Tax

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Notice 2020-20 (an update to Notice 2020-18) has now extended the due date for additional tax returns.

Automatic Postponement of the Due Date for Filing Forms 709 and Making Payments of Federal Gift and Generation-Skipping Transfer Tax. 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, has been postponed from April 15, 2020 to July 15, 2020.  This postponement is automatic, and taxpayers will not be required to file Form 8892 (Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax) to extend the filing and payment date.

Optional Extension. Taxpayers may voluntarily choose to file Form 8892 before July 15, 2020, to extend the return due date to October 15, 2020. However, all payments will still be due on July 15, 2020.

Interest, Penalty, and Additions to Tax. Due to the postponement of the due date for filing Forms 709 and making any payments for Federal gift and generation-skipping transfer tax, the period starting April 15, 2020, and ending July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file Forms 709 or make payments of related tax due. Nevertheless, any interest, penalties, and additions to tax with respect to postponed Forms 709 and related payments will begin to accrue on July 16, 2020.


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Taylie Riddle

Taylie Riddle’s practice focuses on wills, trusts, estate planning, business succession and tax planning.

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