IRS Moves Tax Day to July 15 from April 15
Today, due to COVID-19, the Treasury Secretary Steven Mnuchin announced via Twitter that tax forms and payments will not be due to the Internal Revenue Service until July 15 this year, which includes US Gift Tax Returns (Form 709).
You must still file a Form 709 to report gifts that have been made to an individual or individuals in excess of the annual gift tax exclusion amount ($15,000 per person in 2019). If you gave more than $15,000 in cash, real property, business interests, or other property by gift to anyone other than their spouse, they must report the gift on this return. In most instances, however, there will be no gift tax due with the filing because the value of the taxable gift is elected to be allocated to their available federal lifetime gift and estate tax exemption.
If you have questions, FMJ’s Trusts & Estates group can assist with whether or not a Form 709 filing is necessary. For all other individual income tax questions, you should consult with their accountant.
FMJ’s Trust & Estates group can help clients create and implement an estate plan in a time span that fits their needs. We make estate planning simple and affordable. Clients can email us at firstname.lastname@example.org to have someone from our Trusts & Estates group contact them. We offer complimentary 30-minute initial consultations and flat-fee estate planning to fit every budget.