Last week we notified you that the IRS released Notice 2020-18 postponing until July 15, 2020 the filing of federal income tax returns and the payment of federal income taxes that are otherwise due on April 15, 2020. Following that notification, on March 27, 2020, the Treasury and IRS released Notice 2020-20, which amplifies the earlier relief and postpones the due dates for filing Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) and for payment of federal gift taxes or generation-skipping transfer taxes otherwise due on April 15, 2020 to July 15, 2020. This postponement is automatic and does not require the filing of an extension request.
Taxpayers who need additional time to file their gift and generation-skipping transfer tax returns may file a Form 8892 (Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax) by July 15, 2020 to receive an extension of time to file until October 15, 2020.
No extension may be obtained for the payment of any gift taxes or generation-skipping taxes that are due on July 15, 2020, and any taxes remaining unpaid after that date may be subject to interest and penalties.
A copy of Notice 2020-20 may be found here.