Federal gift tax and generation-skipping transfer tax returns are now due on July 15, 2020. This relief is provided in IRS Notice 2020-20. This is an automatic extension for filing. Based on this Notice, there is no need to file IRS Form 8892 if the taxpayer files the return by July 15, 2020. However, if the taxpayer wants to request an extension to file a gift tax return by October 15, 2020, a Form 8892 must be filed by July 15, 2020.
Gift tax and generation-skipping transfer tax for calendar year 2019 is now due on July 15, 2020. An extension to file a form 709 until October 15, 2020, by filing Form 8892, does not extend the time for payment.
There is no interest, penalty, or failure to file or to pay penalties for filing and paying tax after April 15, 2020, and by July 15, 2020.
The relief in Notice 2020-20 is in addition to the income tax relief provided to individuals, trusts and estates, corporations, partnerships, associations, and companies in Notice 2020-18. In that Notice, the IRS extended the date to pay income tax until July 15, 2020. This applies to the payment of income taxes (including self-employment tax payments) due on April 15, 2020, for the 2019 tax year, and to estimated tax payments (and payments on self-employment tax) due on April 15, 2020, with respect to the 2020 tax year. The IRS also extended the due date for filing an income tax return until July 15, 2020. A taxpayer does not have to file IRS Forms 4868 or 7004 to obtain this automatic filing and payment extension.
The Arizona Department of Revenue has also extended the deadline for filing individual, corporate, and fiduciary income tax returns and the payment of income tax until July 15, 2020. If the taxpayer requests an automatic six month extension to file a federal income tax return by October 15, 2020, the taxpayer does not have to file an Arizona Form 204 to request a state filing extension until October 15, 2020.
Some due dates remain the same in Arizona. Estimated taxes due on April 15, 2020, must still be paid by April 15, 2020. Contributions to certified school tuition organizations, public schools, and qualifying charitable organizations must also be made by April 15, 2020, to qualify for the income tax credit on the 2019 tax return.
Arizona does not have a gift or generation skipping transfer tax, so there will be no announcement from the Arizona Department of Taxation that correspondences to IRS Notice 2020-20.