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Pursuant to authority granted to the Secretary of the Treasury by President Trump on March 13, 2020 in an emergency declaration, the Treasury and IRS have released a series of Notices postponing both the due date for filing Federal income tax returns, as well as making Federal income tax payments, from April 15, 2020 to July 15, 2020.
On March 27, 2020, the IRS published Notice 2020-20 postponing the deadline to file Forms 709, gift and generation-skipping transfer (GST) tax returns, along with any associated gift and GST tax payments, from April 15, 2020 to July 15, 2020. (see the blog discussing this in more detail here).
The IRS stated that as a result of the postponement, interest, penalties, and additions to tax with respect to such postponed Forms 709 and payments will begin to accrue on July 16, 2020. Any taxpayer wanting to extend the time to file Form 709 to October 15, 2020 may do so by filing an extension (Form 8892) by July 15, 2020.
For more information regarding the postponement of the tax filing and payment deadlines, please contact someone in our Trusts and Estates Department.