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.
Vijay Pullur is chief executive officer at ThumbSignIn.
Kate Healy is managing director of Generation Next at TD Ameritrade Institutional, focused on advocacy for sustainability issues facing the RIA industry. Healy leads TD Ameritrade Institutional's NextGen and Women's Leadership Initiatives, which support the future of the profession through programs designed to raise visibility, provide support and resources to guide professional development of the next generation of advisors. Follow her on Twitter at @KateHealy_TDA.
Dheeraj Remella is the chief technologist at VoltDB responsible for technical OEM partnerships and enabling customers to take their next step in data driven decision making. He brings 22 years of experience in creating Enterprise solutions in a variety of industries. Dheeraj is a strong believer in cross pollination of ideas and innovation between industries and technologies. Dheeraj holds a bachelors degree in computer engineering from Madras University.
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.
