UPDATE 3/30/20: The IRS has extended the deadline for gift tax return filings, too – July 15, 2020. You may read Notice 2020-20 under “Guidance” on the IRS Coronavirus Tax Relief page.
3/26/20: It has been widely reported that the income tax return filing and payment dates for many taxpayers have been pushed back. What has been much less widely noted is that the due date for GIFT tax returns (IRS Forms 709) has NOT been pushed back.
That means that, if you are one of the taxpayers who is required to file a gift tax return for 2019, you still need to either file or request a due date extension no later than April 15, 2020, or your gift tax return will be late.
A late filing can significantly complicate generation-skipping transfer (GST) tax allocations and elections, and it’s always best to make sure that gift tax returns that involve GST exemption allocations are filed on time.
If you have questions about gift taxes, we are here to help! Please call us at 678-720-0750 or email us at info@MorganDiSalvo.com. We can even set up a virtual meeting if needed.
