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.
Hashim Toussaint is general manager and division head of digital & open banking at FIS.
John Samuels is the founder and CEO of Wellworth, a national health care advisory firm based in New York.
With over two decades in senior health care leadership, he has expertise in health care operations, strategy and innovation. Previously, he held leadership roles at North Shore LIJ and Mount Sinai Beth Israel. He has been recognized for his community service, particularly during the COVID-19 pandemic, and was honored on the Forbes Next 1000 list in 2021.
Diane Bartoli SVP of EdAssist, Bright Horizons.
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.
