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.
Kemper Patton, an associate at law firm Brooks Pierce, litigates labor and employment disputes involving anti-discrimination laws, employment agreements, wage-and-hour issues and unfair labor practices. He also advises clients in a variety of industries on all types of labor and employment matters.
Belen Tokarski is the president and COO of Mylo, an insurtech that connects business owners and individuals with top-rated insurance products from carriers for business, auto, home, life and more through their award-winning technology platform The Mind of Mylo™. Tokarski is a recognized leader and pioneer in the insurtech industry with 25+ years of experience and was previously president of platform solutions for Insureon and VP of automation strategy and agency solutions at CNA Insurance.
David A. Perez is a tax strategist and the CEO of Tax Maverick AI. After filing over 50,000 tax returns, today he leads a company and a team of experts around the world who are dedicated to making advanced tax strategies available to everyone.
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.
