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As you are likely aware, the Internal Revenue Service has extended the 2020 Tax Filing Deadline to May 17, 2021. Unfortunately, this extension does not apply to all Forms, one of which is Form 709 (Federal Gift Tax Return), which is filed to report gifts to another person. Generally, if you have gifted another person more than $15,000 (whether outright or in trust) in total during 2020, you are required to file Form 709 to report these gifts. These would be personal gifts (to a son, daughter, niece, nephew, friend, cousin, coworker, etc.), not to be confused with Charitable Contributions which are reported on your individual tax return.  You may also be required to file a gift tax return for certain gifts under $15,000 (e.g., gifts to certain trusts or to report gifts of hard-to-value assets, such as artwork or interest in a closely held entity).
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