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.
Paul Holland is Chief Technical Officer of Astadia (an Amdocs company). Prior to joining Astadia, Paul was a Partner in IBM's Financial Services Hybrid Cloud Transformation Practice, specializing in Mainframe Modernization with over 35 years' experience in Application Modernization.
Steve Armstrong is vice president of operations and finance at PTO Exchange, a benefits platform for employees.
Andrew Stocker is the president, employee benefits of Voya Financial, Inc. (NYSE: VOYA), which helps Americans become well planned, well invested and well protected. Andrew is a seasoned insurance executive with a proven record of leadership and transformation across distribution, marketing, product manufacturing, underwriting, and operations. Stocker currently leads Voya Financial's employee benefits business, inclusive of Benefitfocus.
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.
