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IRS Postpones Date For Filing Gift, Generation-Skipping Transfer Taxes

The IRS has announced it is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, to align with the extension of federal and state tax deadlines made due to coronavirus.

Notice 2020-20 was issued on Friday. All associated interest, additions to tax, and penalties for late filing or late payment will be suspended for the gift tax and generation-skipping transfer tax until July 15.

The relief is automatic and applies to any amounts due related to these types of returns. There’s no requirement to file for an extension.