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.
Lee M. Shavel is Verisk's president and chief executive officer. He brings over 30 years of experience advising and leading publicly traded companies to Verisk—determining strategies and policies, overseeing financial performance and furthering company culture.
Samantha Russell is chief evangelist at FMG, where she helps financial advisors create digital marketing strategies that produce exponential growth through channels such as content marketing, SEO, website development, social media and video. A prolific speaker and content contributor, she is an InvestmentNews 40 Under 40 award winner, a ThinkAdvisor Luminary and a WealthManagement.com "10 to Watch."
Milo Spirig joined Accrual in 2025. Milo spent more than a decade in fintech at Brex, Stripe, and Citibank. At Brex, Milo led product teams building corporate travel, accounts payable, and API products. Previously, at Stripe, Milo led strategic financial partnerships, focused on expanding the global footprint with card networks and financial institutions. Milo received his MBA from INSEAD and holds a BA in Financial Economics from the University of Rochester.
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.
