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.
John Wittelsberger is a financial advisor at Armstrong, Fleming & Moore. Prior to joining AFM in 2014, he interned with RBC Wealth Management in Maryland. He is a Certified Financial Planner.
David Naffis is the founder and CEO of Adwave. A serial ad tech entrepreneur, David previously co-founded VideoByte (acquired by Kargo, 2023) and Remixd (sold to Global UK/DAX US). In 2014, he served as a Presidential Innovation Fellow applying AI to National Archives documents. He founded Adwave to bring TV's credibility advantage to Main Street businesses that couldn't previously afford it.
Chris Skipworth is the CEO of Passpack, a zero-knowledge password management platform serving businesses worldwide. With 25 years of technology experience in software, hardware, and semiconductor engineering, he has brought innovative solutions to markets across North America, Asia, and Europe. Since leading Passpack in 2013, Chris has secured company financing, expanded into new markets, and positioned Passpack as a leading password management solution for SMBs.
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.
