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.
Colin Royal is a recent graduate of Morehouse College, and current NYU graduate journalism student.
At Morehouse, he obtained the distinction of Co-Valedictoriant while being heavily involved on-campus. He was the former Editor-in-Chief of The Maroon Tiger and Director of Morehouse Journalism Departments 2024-2025 Senior Capstone Documentary.
Professionally, he has worked with multiple companies covering a variety of disciplines. He has worked for professional media organizations like Dow Jones and the Harvard Business Review.
This summer he joined The Bond Buyer team after training with Dow Jones' News Fund.
Kathryn Miller covers wealth management and financial advisors for Financial Planning as part of the Dow Jones News Fund program.
Her reporting focuses on the people, firms and policy issues shaping the advice industry, with a particular interest in the intersection of wealth management and health care. She brings experience covering health care, business, politics and local government.
Kathryn is completing her master's degree in Magazine, News and Digital Journalism at Syracuse University. She has served as assistant executive producer of The NewsHouse and worked as a health reporting intern at Syracuse.com. She previously covered health care for the Fort Worth Report, where her work included reporting on hospital expansions in Fort Worth.
A native of Arlington, Texas, Kathryn earned her bachelor's degree in psychology from Texas A&M University in 2023. At Texas A&M, she was editor of the student newspaper.
In her free time, Kathryn enjoys yoga, very long walks and supporting her local movie theater.
Connect with Kathryn on LinkedIn or reach her at kathryn.miller@arizent.com.
Chip Merlin is a nationally recognized attorney who has dedicated his career to representing policyholders in insurance disputes. He is the founder of Merlin Law Group and can be reached at cmerlin@merlinlawgroup.com.
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.
