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.
Brian O'Connell is an analyst at insuranceQuotes.com, which publishes in-depth studies, data and analysis related to auto, home, health, life and business insurance. In his role as analyst, Brian studies the insurance industry in order to provide trusted tips, advice and insights. A former Wall Street trader, he is the author of the books "CNBC's Creating Wealth" and "The Career Survival Guide." His commentary appears regularly on major media platforms like Fox Business, U.S. News, The Motley Fool, TheStreet.com and many others.
Brandi Hodor is a senior analytic advisor with Merative. She brings over two and a half decades of healthcare strategic planning and a demonstrated history of leveraging a consultative approach to identify solutions and devise highly customized strategies to transform the healthcare industry. She is an industry expert in integrating psychographic segmentation and socio-demographic data. She oversees a cross-functional team that can deliver analytics with a commitment to innovative solutions in traditional and value-based care arrangements.
Charles N. Cranmer, a former investment manager, writes the Substack, The Open Society and Its Banks.
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.
