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.
Tushar Kothari is chief executive officer at security firm Attivo Networks.
Brent Pietrzak is senior vice president of strategic operations at Flexera, an IT asset management firm.
John O’Rourke is vice president of product marketing at OneStream Software. With a background in accounting and finance, he has over 30 years of experience in the software industry, including 20 years of experience in CPM product marketing. He has worked with many customers and partners on financial reporting and planning initiatives and has spoken and written on many topics in corporate performance management. O'Rourke has also held positions in strategic marketing and product marketing at Hyperion Solutions, Oracle, Host Analytics and Dun & Bradstreet Software. He has a BS degree in accounting from Bentley University and an MBA from Boston 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.
