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.
Kristine Bingman is of counsel at Ogletree Deakins. She works with clients on a variety of issues related to health and welfare and retirement plans.
Lisa McGreevy is the president and CEO of the Online Lenders Alliance — the association for the growing industry of companies who make and facilitate loans over the internet.
Shawn Panson is the U.S. Private Company Services leader for PwC. In this role he has a team of over 190 partners and more than 2,400 audit and tax professionals across 20 markets dedicated to serving private companies and their owners. PwC's Private Company Services practice serves the majority of the companies on the Forbes U.S. Largest Private Company list.
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.
