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.
Douglas Brown is a writer in Boulder, Colo, who has covered business and technology. He was previously a feature writer at The Denver Post, covered the White House and Capitol Hill for a variety of tech publications, and worked for newspapers in Florida, New Mexico and Pennsylvania.
Lombardi has written and spoken around the world on issues such as leadership development, employee engagement, workforce management, payroll, and workplace culture. She is co-founder and CEO of Aptitude Research Partners, an HCM focused research, analyst, and advisory firm. Aptitude conducts primary research covering end-to-end human capital management to understand the impact of HR strategies and technologies on organizational outcomes and individual success.
Jamie has led the development of Celent’s innovation framework and has been a major contributor to shaping Celent’s global insurance agenda. His research focuses on IT strategy and the technology challenges facing the European life and pensions market, contributing to the debate around innovation, digital transformation, BPO strategies, the impact of regulation, and, more recently, the emerging fintech arena.
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.
