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.
Douglas McManus served as director of financial research in the Office of the Chief Economist at Freddie Mac until he retired on July 9, 2024. Mr. McManus received his Ph.D. in economics from the University of Pennsylvania.
Michael Bradley served as the senior vice president of models and analytics in the Freddie Mac Single-Family Acquisitions Division until he retired on July 1, 2024. Mr. Bradley received his Ph.D. in economics from the University of Illinois.
With more than 20 years of experience in health care technology, including as co-founder of RedBrick Health (now Virgin Pulse), Kurt has held senior leadership roles focused on transforming health care and empowering individuals. Now as MOBE's Chief Commercial Officer, Kurt is committed to providing innovative solutions that engage members, improve health outcomes, and reduce costs for health plans and employers.
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.
