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.
Sasha Orloff is CEO and co-founder of LendUp, an online lender.
Steve Treagust is global industry director for finance, HCM & strategy at IFS. His responsibilities are to provide strategic direction to product development, thought leadership on finance, HCM, strategy and CSR, and customer guidance in maximizing systems ROI. He began his career as a tradesman in the construction industry before advancing with a degree in Building Surveying, an MBA and chartered management accounting qualifications. Now, with over 17 years of ‘Blue chip’ experience in finance, strategy, HCM, program management and IT, Steve specializes in strategic design and execution. He has been actively involved in, and managed many change programs across a number of industries, and holds a passion for environmental & ethical concerns, evident in his designs.
Suresh Chandrasekaran is senior vice president at Denodo, a leader in data virtualization tools.
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.
