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.
Dan Sommer is the global lead for Qlik’s market Intelligence program responsible for the supply, demand, macro and micro picture. With more than 15 years’ experience in the IT industry, Dan has previously held the positions of research director, agenda manager and global L\lead for BI and analytics markets at IT research and advisory company Gartner. During the 10 years he spent as an analyst at Gartner, he specialized in markets, trends, competitive landscape evaluations and go-to-market strategies. Dan also managed, chaired and keynoted the 2015 Gartner BI Summit event in London.
Beau Brunson is a senior policy adviser at Consumers’ Research.
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.
