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.
Levi Morehouse is the founder and CEO of Ceterus.
Sally Welborn currently advises companies who are engaged in improvement of the healthcare industry. Sally has held leadership roles across employee benefits and health care throughout her career and most recently served as the Senior Vice President of Benefits for Walmart.
Owen Tripp is co-founder and CEO of Grand Rounds, a healthcare company that connects patients with local and remote specialty care. Prior to Grand Rounds, Owen co-founded Reputation.com and grew the company into the worldwide leader in online reputation and privacy management; he also held leadership positions at eBay and Accenture (Health and Life Sciences Practice). Owen has been recognized among the World Economic Forum’s Global Technology Pioneers, Goldman Sachs’ Top 50 Builders + Innovators and Rock Health’s Most Beloved CEOs.
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.
