what if i submit form 709 late
Penalties. A penalty applies if a taxpayer does not file Form 709 and owes taxes. The is subject to penalties for tax evasion if the IRS determines that the act was a willful attempt to avoid the gift tax.Other penalties apply if the taxpayer files late or makes errors.he extension applies to Form 709 as well, per the IRS. Form 8892 is used to request an extension for Form 709 only if the taxpayer is filing his income tax return on time. Penalties are charged for overdue tax even if an extension is granted.