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.
Stephanie Ferris is the CEO and president of FIS.
Brett is a senior principal at Oliver Wyman's Chicago Actuarial Property and Casualty Practice. With a focus on innovation, he leverages predictive analytics to support growth, profitability, and transformative product design for P&C insurers. With more than two decades of experience in the P&C insurance industry, Brett advises insurance carriers on product design, pricing, and underwriting strategy, helping them respond to evolving risk profiles and changing customer expectations. His work spans personal and commercial lines, where he partners with clients to develop customer-centric products, optimize pricing frameworks, and enhance underwriting scorecards to improve risk selection and competitive positioning.
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.
