Gift Tax Return and Payment Deferral

In Notice 2020-20, the Internal Revenue Service has “amplified” Notice 2020-18 to provide the same three month deferral for gift tax (and generation-skipping tax) returns and payments as was previously allowed for income tax returns and payments.

The new notice states that, if a taxpayer should want an additional three month extension, to October 15, 2020, in which to file the gift tax return, the taxpayer can file Form 8892 by July 15, but any Federal gift and generation-skipping transfer tax payments postponed by the notice will still be due on July 15.

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