Extended Deadlines for Federal Tax Filing

by: Smith and Howard

March 28, 2020

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On March 20, 2020, the Treasury Department and the IRS issued Notice 2020-18 postponing the due date for both filing federal income tax returns and making federal income tax payments from April 15, 2020 until July 15, 2020.

In addition, the due date for filing Forms 709 (United States Gift and Generation-Skipping Transfer Tax Return) and making payments of Federal gift and generation-skipping transfer tax due April 15, 2020, is postponed to July 15, 2020. There is no need to file an extension to benefit from this extended deadline. However, a taxpayer may choose to file an extension (Form 8892) by July 15, 2020 to obtain an extension to file Form 709 by October 15, 2020. Note that any federal gift and generation skipping transfer tax payments postponed until July 15, 2020 will still be due on July 15, 2020.

No interest, penalty or addition to tax for failure to file will be accrued from April 16, 2020 until July 15, 2020. Interest, penalties, and additions to tax with respect to such postponed Forms 709 and payments will begin to accrue on July 16, 2020.

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