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.
David Trapp is CEO of ArmorPoint and its parent company Trapp Technology, both of which he founded in 2007 and 2018, respectively. He has almost two decades of experience in cybersecurity and IT services.
Gregg Golson CPCU, ACS, AIC, AIM, AINS, AIS, API, CSM is a speaker, consultant, and strategy coach. He has 25+ years in claims leadership, marketing, and strategic planning in the insurance industry. At J.S. Held, he helped create over 1,700 sessions for 135,000+ attendees while leading verbal thought leadership. Gregg has handled over 12,000 claims, been on 39 tours of catastrophe duty, and handled over 275 large losses in 13 states. He is a frequent speaker at national events on soft skills, resilience, and adaptability. He is currently the Lead Strategist at UP2Now LLC.
Nic Johnson is the founder of ListWise.
Previously he spent 17 years at PIMCO, where he managed over $30 billion in commodity and real estate portfolios. He is the coauthor of "Intelligent Commodity Indexing," published by McGraw-Hill. Prior to entering financial services, he was a research fellow at NASA's Jet Propulsion Laboratory, where he researched new methods for autonomous navigation for future Mars missions.
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.
