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.
Keith Rothfus is a Republican Representative from Allegheny County, PA.
As managing director of Valuation Research Corporation, Larry Van Kirk has extensive experience in providing valuations throughout a variety of major industries, including energy, health care, estate planning, hospitality, lighting, life sciences, pharmaceuticals and amusement parks. Larry also serves as a practice leader for valuations of closely held companies and valuations related to financial reporting at the firm, and he leads VRC’s Mid-Central Region. He also specializes in providing financial opinions of fairness, solvency and capital adequacy.
Noah Carey is founder and CEO of Shield Compliance.
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.
