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.
Steven I. Zeisel is the executive vice president and general counsel of the Consumer Bankers Association.
Janet Clarey is a manager in Learning and Development Research at Bersin by Deloitte, Deloitte Consulting, where she conducts research in the area of learning culture, career development, high-impact learning organization maturity, and learning technology. Janet has more than 15 years in the learning and development profession. Janet holds a B.A. in Communications from the State University of New York at Oswego and a master’s degree in Instructional Design for Online Learning from Capella University. She has also completed coursework toward a doctorate from Syracuse University in Instructional Design, Development, and Evaluation. She lives in upstate New York with her husband, three children, and two corgis.
Shane Wolverton is Senior Vice President, Corporate Development at Quantros, Inc.
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.
