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.
Christopher DeGroff is a partner in Seyfarth Shaw’s labor and employment department.
Bob Lewis is president of The Visionary Group. He has relationships with key leaders in accounting firms nationwide and is a frequent speaker on M&A, private equity, and organic growth, and helps firms assess their ability to remain independent, build enterprise value, and creates and facilitates dozens of material transactions annually. His 30-plus years of support in the accounting profession has provided Lewis with the opportunity to learn from great firm leaders. Beyond his deep experience in M&A and private equity he helps firms with pricing, client upscaling, and overall growth tactics. He is a frequent member of Accounting Today's Top 100 Most Influential People, and co-chairs the Accounting Today Private Equity Summit. He has an accounting background, and his formal education includes a Bachelor of Science in Finance and an MBA, both from DePaul University in Chicago.
Kristin Messerli is the founder and CEO of Cultural Outreach, specializing in helping companies in the mortgage industry better reach and serve millennial and multicultural homebuyers.
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.
