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.
Shyamali Choudhury is Chief Commercial Officer at Pomelo Care, the national leader in evidence-based maternity care.
Shyamali was one of Pomelo's first employees, joining the company to lead its commercial strategy and execution after a career in policy, global health, and mission-driven health tech.
Before joining Pomelo, Shyamali spent nearly six years on the Business Development team at Flatiron Health, where she led new business initiatives and forged key partnerships to advance the company's work reimagining cancer care.
Martin Kleinbard is the founder of Granular Fintech LLC, which advises fintech lenders and vendors on processes and strategies. He previously helped stand up new consumer credit products and teams at American Express and Bread Finance (acquired by Alliance Data Systems in 2020) before leading the CFPB's market research in fintech topics such as BNPL and solar financing.
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.
