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.
Maria Emerson is a co-founder of the Social Capital Project and focuses on understanding the implications of social capital in business. Her career has spanned more than 10 years in product development, marketing and customer experience.
David Poole, global head of mobile POS solutions for MyPinPad.
Eric Luse is partner of the Washington law firm of Luse Gorman PC. He has been representing banks, savings institutions and holding companies for more than 30 years, and specializes in mergers and acquisitions, capital formation, corporate and securities law, executive compensation and general bank regulatory and enforcement matters.
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.
