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.
Chris Stephenson is managing director of intelligent automation and AI at alliantgroup and was previously a managing principal at Grant Thornton. He uses his 25+ years of entrepreneurial and consultative experience across various sectors to help small and midsized businesses implement the latest AI solutions.
Cara Houser is a career transition coach, and author of Burned Out to Lit Up: Ditch the Grind and Reclaim Your Life.
Stephen is the founder & CEO of Journey, the leading proactive mental health solution for modern companies. Journey was founded with the mission to help all people live happier, healthier, less stressed lives. They've work with wide range of organizations from Walgreens, L'Oreal, Disney, and Nike, to the Harlem Children's Zone, Georgetown University, and the Anti-Defamation League.
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.
