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.
Brian Spinelli is co-chief investment officer of Halbert Hargrove, a $2.7 billion fiduciary investment management and wealth advisory firm serving clients across the West Coast and beyond.
Based in Long Beach, California, Spinelli has been with Hargrove, founded in 1933, since 2006.
Jen Truscott, senior vice president of Aetna Clinical Solutions, supports CVS Health's strategy to improve access, engagement and connection to care for members and customers. With an almost 30-year career in health care, Jen has worked across customer experience, behavioral health and more, garnering a deep understanding of how health care benefits can support members' holistic health.
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.
