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.
David F. Carr is a freelance writer, speaker, student of digital business, and the author of Social Collaboration for Dummies. He previously served as an editor for InformationWeek, Baseline Magazine, and Internet World and has written for Forbes, CIO Magazine, and Defense Systems.
Robert Ossers is a CFP and senior education consultant and investment analyst at Procyon Partners in Shelton, Connecticut.
Alison Brehme is founder and CEO of Virtual Corporate Wellness, a company dedicated to helping businesses invest in their team so they can maximize productivity, boost profits, and become known as one of the best places to work. Brehme also is the program director of Well.org’s Corporate Wellness Academy, a certification program for those interested in workplace wellness. She’s also a certified nutrition coach, certified corporate wellness consultant and has an advertising degree from the University of Texas.
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.
