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.
Jen Andre is a senior director at Rapid7. Previously she was the founder & CEO of Komand (which was acquired by Rapid7). Before that, she co-founded Threat Stack, a pioneering cloud security monitoring company. Jen has spent her career in security operations and product development, starting off in the SOC as an analyst and later working as a researcher and developer at security companies Mandiant and Symantec.
Andy Ruggles is the national practice leader in PwC’s national Tax Reporting & Strategy practice with a focus on leading clients and teams in the use of process and technology in the tax reporting, analysis and compliance process.
Carrie Duarte is a partner and Workforce of the Future & Human Resources M&A leader at PwC. With over 20 years of experience consulting to large complex global companies and private equity firms, Carrie leads PwC’s Workforce of the Future platform, helping organizations develop and implement strategies to optimize the impact of the technological, social, and demographic disrupting trends on their workforce strategy, workforce performance and experience, and workforce environment. In addition, she leads the PwC US HR Transaction Services practice which advises clients on workforce aspects of acquisitions, divestitures, business restructuring and capital events. She is an actuary and dedicated client service partner.
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.
