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.
Schechter is an associate attorney at Butterfield Schechter LLP in San Diego.
Mallon is Bersin’s chief storyteller. He engages directly with Bersin members and the market to bring the Bersin’s insights to life. As a 10-year veteran with the organization, and the leader of Bersin’s Research team for six years, he is one of Bersin’s most knowledgeable thought leaders in all areas of HR, talent, learning, and leadership. As a pivotal force behind Bersin’s maturity research for the past decade, he brings a unique, integrated perspective to helping organizations solve their most vexing workforce challenges – wisely and with systematic purpose. Before joining Bersin, Mallon led the consulting practice for a major LMS provider. Prior to that, he held learning and organization development-related positions with EarthLink, where he was responsible for overall learning strategy for its global call center organization. He holds a B.A. in English Literature from Emory University and an M.S. in Digital Media from the Georgia Institute of Technology with focuses on computer-aided distance learning and on storytelling in digital environments. This column first ran on the Bersin web site
Al Leary is the senior vice president of Trust Company of America.
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.
