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.
Iffi Wahla is a second-time founder serving as co-founder and CEO of Edge, an HR tech platform focused on transforming the hiring landscape through solutions that aim to make talent acquisition quicker, more accessible, and effective for organizations everywhere. With insights gained from launching and growing his initial startup, where he built skills in team leadership and scaling operations, Iffi now channels that expertise into Edge's goal of changing the future of work. Dedicated to fostering a more equitable job market, he incorporates AI-driven tools and user-friendly interfaces to bridge gaps between employers and candidates, ultimately supporting broader economic advancement.
Nazeefa Ahmed is a reporting associate for National Mortgage News through the Dow Jones News Fund.
- Awards — Nazeefa was formerly a South Asian Journalist's Association Scholarship recipient.
- Education — She is currently a business reporting student at the Craig Newmark Graduate School of Journalism and holds a degree in natural sciences from the University of Calgary.
- Experience — Nazeefa has previously covered housing for the Invisible Hand and as well as academic research for Science Magazine.
Kevin is an insurance industry and insurtech executive. He was the Founder/CEO of the first DSS app for healthcare and voluntary insurance benefits. He is an Innovator, Team Builder & Scaler
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.
