Gift and GST Tax Returns and Payments Postponed to July 15 (03/31/2020)

Gift and GST Tax Returns and Payments Postponed to July 15

The IRS has postponed until July 15, 2020, the filing date for 2019 gift and generation-skipping transfer tax returns, and making payments of those taxes that would otherwise be due on April 15, 2020.

The IRS provided that any person with a federal income tax payment or a federal income tax return due April 15, 2020 is an "affected taxpayer." The term "person" includes an individual, a trust, an estate, a partnership, an association, a company or a corporation, as provided in Code Sec.7701(a)(1).

For an affected taxpayer, the due date for filing federal income tax returns and making federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Affected taxpayers do not have to file Forms 4868 or 7004 to obtain this relief.

Extension applies to gift and GST tax returns and payments. It provides that any person (as defined in Code Sec.7701(a)(1)) with a federal gift tax or generation-skipping transfer (GST) tax payment due or requirement to file Form 709, United States Gift and Generation-Skipping Transfer Tax Return, on April 15, 2020, is also an affected taxpayer.

For an affected taxpayer, the due date for filing Forms 709 and making payments of federal gift and GST tax due April 15, 2020, is automatically postponed to July 15, 2020.

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