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.
Shagun Kumar is the managing director of TMF India, managing seven TMF Group offices across the country. He is a Chartered Accountant and a Certified Six Sigma Black Belt with more than 20 years of experience in multiple verticals including IT/ITeS, infrastructure, real estate, hospitality, knowledge management and media. He also has diverse regional and cultural experiences, having spent time in emerging regions, such as the Middle East and South-East Asia. Having been a CFO, he also believes in the immense potential of finance teams for driving businesses forward and enabling sustainable growth. Prior to joining TMF Group, Shagun spent time in consulting with Arthur Andersen and Grant Thornton and in the industry with General Electric and Microsoft.
Scott Mayer is Director of Data Analytics for AP Benefit Advisors in Hunt Valley, Md.
Rebecca Madsen is chief consumer officer for UnitedHealthcare.
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.
