IRS Extends Due Date for Estate and Gift Taxes

The IRS has announced that the due date for filing returns and making payments for federal gift and generation-skipping transfer tax has been extended until July 15, 2020.  This additional coronavirus relief guidance was released in Notice 2020-20, which updates the previously-released Notice 2020-18.

These estate and gift tax returns would have been due on tax due April 15, 2020. The due date is automatically postponed, so taxpayers do not need to file an extension request. If additional time is needed to file a gift tax return after the July 15, 2020 due date, an extension can be filed to extend the due date to October 15, 2020. However, the gift tax payments will still be due on July 15, 2020, and any late payments will be subject to interest and penalties.

The IRS has also extended the due dates until July 15, 2020 for filing and making payments for certain federal income tax returns (see related posts below). The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.

For questions about this tax or assistance with your estate planning, contact Bob Grossman or Melissa Bizyak at 412-338-9300.

Related Posts:

Additional Guidance on Extension of Federal Tax Return Due Dates

Federal Tax Filing Deadline Moved to July 15

Bill to Extend Tax Filing Deadline Introduced in the Senate

Tax Payment Deadline Extended to July 15, 2020


Picture of Melissa Bizyak

Melissa Bizyak

Melissa leads the firm’s Business Valuation & Litigation Support Services Group. She has practiced in public accounting for more than 25 years and has significant experience in providing business valuation services for privately-held concerns and their owners. Melissa also provides litigation support services, including expert witness testimony.
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