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.
Steve Novak is the Senior Director of Accountant Partnerships at Navan, where he leads the company's efforts to help accounting firms transform their CAS practices through technology automation. Previously, he spent over six years at BILL, holding key leadership roles, including Senior Director of Business Partnerships and Senior Director of Accountant Partnerships. During his tenure, he played a crucial role in expanding BILL's Accountant partner network, driving adoption of its payment management platform. Prior to his time at BILL, Steve held various roles at BlackLine, XCM Solutions, and Thomson Reuters.
Patrick is the founder and CEO of Sidecar Health. He has more than 20 years' experience in sales, marketing, product, and engineering with both public and private companies. Prior to Sidecar Health, Patrick was Chief Executive Officer at Katch, a leading online enroller of consumers in individual health plans. Patrick was also part of the founding management team at QuinStreet, (QNST), an executive at BEA Systems (BEAS), and a consultant at McKinsey & Company.
Ryan Baillargeon, Insurance Industry Lead at Glia.
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.
