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.
Srini Vinnakota is vice president of product development for Avaamo, responsible for product strategy, definition, and direction of the Avaamo product portfolio.
Kate Stillwell is the founder and CEO of Jumpstart, a parametric-insurance startup focused on earthquake insurance. Over the last decade, Kate has served as one of the most prominent earthquake risk consultants in the San Francisco/Bay Area. Prior, she was actively involved in reducing the physical risk of earthquake damage via structural engineering roles with GEM Foundation, EQECAT Inc., Holmes Group and Degenkolb Engineers.
Greg Gierer is senior vice president of policy and regulatory affairs at America’s Health Insurance Plans (AHIP), an advocacy organization that represents health insurance providers.
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.
