IRS Extends Gift Tax Filing Deadlines
In a previous article; Internal Revenue Service Notice 2020-18 we outlined the details of the sweeping relief to taxpayers as the nation battles the ongoing COVID-19 pandemic. Under the Notice, most income tax filing deadlines have been extended from April 15, 2020, to July 15, 2020, with no interest or penalty to taxpayers.
The IRS has now released Notice 2020-20, which clarifies and amplifies the relief granted under the previous notice.
Under 2020-20, gift tax returns (Form 709), ordinarily due April 15, 2020, are now due concurrently with individual tax returns on July 15, 2020. As they are not income tax returns, there was uncertainty that they were included in the due-date change, but thankfully the new notice has resolved that confusion.
We understand that during these times there can be information overload, especially when the world is changing around us on a seemingly daily basis. MRPR stands ready to help you with tax planning, tax filing and obtaining sources of capital or financing.