The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic.
The IRS issued Notice 2020-20 on Friday, extending the relief it provided earlier this month on the tax-filing and payment dates for most other types of tax returns. The IRS also said the associated interest, additions to tax, and penalties for late filing or late payment will be suspended for the gift tax and generation-skipping transfer tax until July 15.
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Charles Lee, MD, has been a leading national advocate for simplifying and making medical information more understandable for patients. He is senior advisor on health literacy and language barriers at First Databank. In 2001 he started Polyglot Systems with a mission to develop practical, affordable multi-language technology solutions to improve healthcare access and reduce disparities for underserved and limited English proficient patient populations.
Mitch Doust is Executive Vice President and Head of the Americas for CoverGenius, where he is responsible for the establishment and growth of the XCover platform and the broader Cover Genius business across North America, Canada and Latin America. Mitch recently joined Cover Genius from leading insurtech company Trov (www.trov.com), where he was Global Head of Business Development and led the establishment of Trov's global network of insurance partnerships. Prior to his move into technology, Mitch began his career with EY in Australia before moving to the Suncorp Group (one of Australia’s leading insurers) where he held a number of strategic roles including P&C strategy, venture investing and strategic innovation. Mitch also serves as an independent advisor at Anthemis Group
The relief is automatic and applies to any amounts due related to these types of returns. There’s no requirement to file for an extension and the three-month period between the original due date of April 15 and the new deadline of July 15 will be disregarded in terms of any interest, penalties or extra taxes for those who fail to file a Form 709 United States Gift and Generation-Skipping Transfer Tax Return by April 15.
Groups of tax and accounting professionals such as the American Institute of CPAs, the National Society of Accountants and the National Conference of CPA Practitioners have been pressing the IRS to provide additional forms of tax relief beyond the initial relief granted for tax payments from coronavirus victims.
