If you do not request an extension for your income tax return, use Form 8892, Application for Automatic Extension of Time To File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax, to request an automatic 6-month extension of time to file your federal gift tax return.

How long do you have to file a gift tax return?

You may need to file a gift tax return The return is due by the tax filing deadline, typically May 17, 2021, of the year after you make the gift—the same deadline as Form 1040. If you extend your 1040 to October 15, the extended due date applies to your gift tax return too.

Is there a penalty for a late gift tax return?

There is technically no actual dollar penalty for filing a gift tax return late unless gift tax is due (although leave it to the IRS to try to assess something).

Can a CPA do a gift tax return?

At the 2016 IRS Representation Conference, one panel covered gift tax returns and the dangers they pose to unwary CPAs and taxpayers.

When did the son file a gift tax return?

After the son filed the estate tax return, the IRS auditors found that no gift tax return had been filed for the 1990 merger. The IRS determined that the merger qualified as a gift and eventually levied $25 million in tax, interest, and penalties.

What kind of experience does a CPA have?

He has more than 20 years of combined professional tax, accounting and business consulting experience, coupled with extensive knowledge about federal and state tax codes, regulations and case law. As a former auditor, Mr. Klasing uses his past experience in public accounting to help his clients avoid tax problems before they develop where possible.

Do you have to file a gift tax return?

Returning again to the fact pattern, Grimaldi noted that non–gift transfers are considered adequately disclosed if reported properly by all parties for income tax purposes; no gift tax return is required.