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.
Anthony Macciola is chief innovation officer at ABBYY, a global leader in the intelligent capture of meaningful insights, data and relationships to improve business outcomes. Gartner named ABBYY a “Specialist Software Partner” in its 2017 Market Guide for Robotic Process Automation Software. Anthony has more than 45 patents for technologies in mobility, text analytics, image processing, and process automation. Prior to ABBYY, he was chief technology officer at Kofax.
Jelani Harper is a business and technology writer specializing in topics about data management, data science and analytics.
Dilip Krishna is a managing director with the risk and compliance consulting practice at Deloitte.
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.
