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.
Efi Cohen is chief technology officer and co-founder at Dataroma.
Heidi Maher is the executive director of the Compliance, Governance and Oversight Counsel (CGOC), a forum of over 3,400 legal, IT, records and information management professionals from corporations and government agencies. For over a decade, CGOC has been advancing governance practices and driving thought leadership across the industry. Heidi is also an attorney and a certified privacy manager who has advised hundreds of organizations on information governance around data privacy, regulatory compliance and eDiscovery.
Tobias Peter is co-director of the the American Enterprise Institute’s Housing Center.
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.
