(925) 299-1040   |   Monday-Friday    |   9AM-5PM

Tax-News.com: US IRS Extends COVID-19 Relief To Gift Taxes

by Mike Godfrey, Tax-News.com Washington

15 April 2020

On March 27, 2020, the United States Treasury Department and the Internal Revenue Service issued a notice which extends COVID-19-related filing and payment relief to federal gift and generation-skipping taxes.

For taxpayers with gift and generation-skipping transfer tax returns and payments due on April 15, 2020, Notice 2020-20 extends these deadlines to July 15, 2020.

Additionally, associated interest, additions to tax, and penalties for late filing or late payment of these taxes will be suspended until July 15, 2020.

Notice 2020-20 expands tax relief provided in Notice 2020-18, which postpones the April 15 filing and payment deadline for individual and corporate taxpayers until July 15, 2020, subject to certain monetary limitations.

Notice 2020-20 will be published in Internal Revenue Bulletin 2020-16, dated April 13, 2020.