More Tax Filing Extensions

Take-Away: The Department of Treasury on April 9 added to the list of extensions to file tax returns and pay taxes, expanding the extension to include gift and estate tax returns.

Source: Notice 2020-23

Background: This new Notice is intended to amplify prior Notice 2020-18 which was previously summarized. This Notice extends the time to pay and file tax returns to July 15, 2020. Notice 2020-18 generally only applied to individuals and business tax reporting and payment obligations.

Notice 2020-23: Notice 2020-23 is extended to estate and gift tax returns. Specifically it covers:

Estate and Trust Income Tax: Estate and trust income tax payments and returns [Form 1041]

Estate and GST Tax: Estate and Generation Skipping Transfer Tax (GST) payments and returns [Form 706, 706-NA, 706-A, 706-QDT, 706-GS(T) (qualified domestic trust), 706-GS(D) (termination of GST trust), 706-GS(D-1) (generation skipping distributions)

Basis Consistency: Reports by beneficiaries who acquire property from a decedent [Form 8971] and supplemental reports to implement IRC 6035a (to demonstrate income tax basis consistency)

Gift: gift and GST tax payments and return filings [Form 709] that are due on the date an estate is required to file Froms 706 or Form 706-NA

Installment Payments of Estate Tax: Payments of principal or interest that are due as result of elections made under IRC 6166, 6161, or 6163 (installment payments of estate taxes associated with a business interest) and any annual recertification requirements under IRC 6166

Exempt Organizations: Exempt organization business income tax and other payments and return filings [Form 990-T] and any quarterly estimated income tax payments submitted [Form 990-W.]