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.
Philippa Ryan is a barrister and lecturer in the Faculty of Law at the University of Technology Sydney, Australia.
Mark van Rijmenam is founder and chief executive officer of Dataoq and Imagjn, an author and speaker, in The Netherlands.
As a solution consultant, Scott Silver works closely with LeaseAccelerator’s customers to map their accounting strategies and leasing practices to software solutions. Having run his own lease audit consulting firm for 15 years, Scott is nationally recognized for his expertise in conducting real estate lease audits on behalf of office, retail, and industrial tenants. Prior to joining LeaseAccelerator, Scott held portfolio management, lease consulting, and property controller roles at companies including CBRE, Deloitte and JLL.
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.
