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.
Kat Judd is the vice president of people operations for Lucidchart, where she is responsible for providing employees with the right resources to succeed and fostering a culture based on the company’s core values—teamwork over ego, passion, innovation, and ownership. A 10-year veteran of management-side employment law, Kat was a shareholder and director at Clyde Snow & Sessions prior to joining Lucidchart. She has experience in preventative advice and counsel, workplace investigations, and employment law training. She holds a bachelor’s degree in business administration from Brigham Young University and a J.D. from the University of Utah, where she was named Young Alumna of the Year in 2016.
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.
