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.
Shanthala Balagopal is a product marketing executive at Helpshift.
Herbert Roitblat is principal data scientist at Mimecast, an international company specializing in cloud-based email management for Microsoft Exchange and Microsoft Office 365.
After studying radio, TV, and film at Syracuse University, Yasemin found herself working in a televised investigative reporting program. Later, she went on to work at Hurriyet Daily News (formerly Turkish Daily News.) There, she mostly wrote features, with subject matters ranging from the faulted renovations of historic buildings in Istanbul to a story questioning how American mega coffee chains affect the all-important Turkish coffee culture. She also acted as the editor of the newspaper's real estate pages and filled in as the editor of diplomacy and foreign news pages. She is currently enrolled in New York University’s Business and Economic Reporting Program.
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.
