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.
Chris Roszell is the Global Head of Total Rewards at Manulife, with accountability for the company's compensation, benefits, wellness and pension plans for employees. He also has experience working at a global human resource consulting firm and as a senior executive in a small manufacturing business. Chris is passionate about spending time with his wife, two sons and exuberant dog at their cottage in Northern Ontario. Chris has a bachelor of mathematics from the University of Waterloo and a master's of business administration from McMaster University.
Irina Kimelfeld is a tax partner at Eisner Advisory Group LLC.
Anita Koimur is co-founder and COO of LiveFlow.
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.
