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.
Effi Fuks-Leichtag is Chief Product Officer of ERGO NEXT Insurance, where he leads product, data, marketing, and AI innovation. He brings extensive experience building and scaling technology products and organizations. Before joining ERGO NEXT, Effi was VP of Consumer Products at Yelp, overseeing consumer growth, core product experiences, search, personalization, and other key initiatives. Earlier in his career, he founded and led product teams at several startups, including Fribiz, ExPOS, Kifi, and Complete Labs.
Stacy Armijo is the chief experience officer at Amplify Credit Union.
David Barrett is the Founder and CEO of Welliba, an employee experience intelligence company. Based in Ireland, he leads the organization's work in psychology, predictive analytics, and internet technology to benchmark employee experience (EX) against the S&P 500.
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.
