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.
Dr. Jake A. Dolezal is the senior director of research and information management at the Choctaw Nation of Oklahoma—the third largest Native American tribe in the United States. Jake is responsible for developing information management and business intelligence innovations across the tribe— a multifaceted commercial, educational, social service, health care, and governmental enterprise. He recently earned his doctorate in Information Management from Syracuse University, New York.
Dmitry Bestuzhev is director of the global research and analysis team for Kapersky Labs in Latin America.
Peter Smith is a Vice President and has full operational responsibility for Centric Digital's West region including market, client and product strategy and execution. He has worked in innovation and growth strategy throughout his career, with a focus on building differentiated digital platforms and lasting brands. Prior to Centric Digital, Mr. Smith led Digital Strategy & Innovation at Capgemini, led product strategy for two successful technology startups, and has industry experience in consumer products, diversified financial services, and technology verticals. He holds a B.A. in Political Science and Economics from Franklin & Marshall College.
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.
