In response to many questions about the filing and payment deadline extension announced Friday in Notice 2020-18, the IRS posted 24 questions and answers on its website Tuesday.
Does this relief provided in the Notice apply to estate and gift taxes?
A: No, normal filing and payment due dates continue to apply to estate and gift taxes.
As per the above and our Estate and Trust group, we will need to extend gift tax returns that are not completed by April 15th and extend any estates due between now and July 15th. Should you have any questions, please contact your JMF accountant.
MARCH 27 update: Gift tax returns and taxes are now due July 15th with other returns.
Notice 2020-20; Federal income tax filing and payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. This notice provides relief in addition to the relief provided in Notice 2020-18, issued on March 20, 2020. In this notice, the Treasury Department and IRS are providing relief to all taxpayers who have Federal gift (and generation-skipping transfer) tax returns and payments due on April 15, 2020. The April 15, 2020 deadline is postponed to July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will be suspended until July 15, 2020.
Notice 2020-20 will be in IRB 2020-16, dated April 13, 2020.