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.
Rachel Hudgins is Counsel in Hunton Andrews Kurth's Insurance Coverage group in the firm's Atlanta office. Rachel helps policyholders present and resolve insurance claims across the country and U.S. territories
Helena Plater-Zyberk is the co-Founder and CEO of Supportiv, the on-demand peer-to-peer mental, emotional, and social support service that serves large employers, hospital systems, and health plans including Medicare and Medicaid. The digital support service has already helped over 1.8 million unique users cope with, heal from, and problem-solve daily life struggles like loneliness, caregiving burdens, anxiety, depression, stress, and burnout. Helena is the former CEO of Simple Therapy, an AI-driven at-home physical therapy alternative, with previous leadership roles at Scholastic and Condé Nast.
Tatyana Marchuk is an associate professor in finance at BI Norwegian Business School and a research associate at the Centre for Economic Policy Research, or CEPR.
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.
