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.
Mark Barrenechea is chief executive officer at OpenText, Canada's largest software company.
Greg Kuhnen has more than 15 years of experience designing, building, and deploying healthcare IT systems for leading provider organizations across the country. Greg joined The Advisory Board Company through the acquisition of Care Team Connect (now Crimson Care Management), where he was chief technology officer.
Bethany Jones is an associate director for Advisory Board International’s Global eHealth Executive Council and has previously served on Health Care IT Advisor, Advisory Board’s sister healthcare IT program within the United States. She specializes in health IT strategy, clinical informatics and nursing leadership.
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.
