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.
Julie Myers Wood is chief executive officer for Guidepost Solutions LLC.
Bob Jones is chairman and chief executive of Old National Bancorp.
Andrew Coen is a Northeast Regional Reporter for The Bond Buyer. His major coverage has included New Jersey’s pension funding challenges, Atlantic City’s credit crisis and ambitious capital projects being undertaken by the Port Authority of New York and New Jersey. He also hosts Bond Buyer podcasts and videos.Previously, Coen was an associate digital editor in SourceMedia’s Investment Advisory Group comprised of Financial Planning, On Wall Street, Bank Investment Consultant and Money Management Executive. He was also reporter for Municipal Finance Today.Prior to arriving at SourceMedia in July 2013, Coen worked at AOL as an editor covering local news for Wantagh-Seaford Patch on Long Island. He also had reporting stints with Crain’s InvestmentNews, Institutional Investor News and Herald Community Newspapers.A Rhode Island native, Coen graduated from Hofstra University on Long Island in 2002 with a B.A. in Print Journalism and minor in History. He was also active in the university’s award-winning radio station, WRHU.
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.
