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.
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Adrienne Penta is the national head of wealth management at SCS Financial.
Previously, she served as principal of private banking and executive director of the Brown Brothers Harriman Center for Women & Wealth. She led the creation of the CW&W, which supports women as they create and manage wealth and seeks to create a dynamic and inclusive environment where women can engage in conversations about wealth, family and values. She also oversaw private banking marketing and sales enablement.
Kerri Mast is a principal with extensive experience advising business owners and families of generational wealth at Brown Brothers Harriman.
She helps clients achieve their goals relating to estate planning, philanthropy, business succession, and tax minimization. As a national leader of the Philanthropic Advisory practice, Kerri works to create an environment where families can engage in conversations about wealth, values, legacy and impact.
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.
