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.
Avi Tuschman is the founder & CIO of Pinpoint Predictive, a Stanford StartX and VC-backed insurtech company. Tuschman is an expert on the science underlying human political orientation and individual variation in behavioral propensities. His research has been covered in peer-reviewed and mainstream media from 25 countries including the New York Times, the Atlantic, MSNBC, Spain's El País, Israel's The Marker, and Brazil's Veja Magazine.
Liz Reimer is the chief human resource officer at Premise Health.
Asier Achutegui is the senior manager at the Microinsurance Network. With more than 15 years of experience in development, Achutegui previously worked in the evaluation, development and design of social inclusion public policy in Latin America and the Caribbean. He has experience in searching for development solutions globally and has worked in budgeting for projects aimed at improving the quality of life for the most vulnerable. In his current role, he is responsible for fundraising, coordinates key events and manages relationships with members from Europe.
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.
