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.
Donny is the founder and managing director of IntrapriseTechKnowlogies LLC, an advisory-focused CPA firm providing innovation acceleration and business transformation services for small businesses, middle market organizations, and nonprofits. He is a recognized thought leader and educator in the accounting technology, IT risk management, and performance management areas. His dedication to helping accountants and organizations strategically leverage technology while proactively managing their business and technical risk is paramount.
He is also the inspiration architect for the Center for Accounting Transformation, a mind trust of innovative thinkers and experts who help enable transformation by guiding accountants, auditors, and tax practitioners through the adoption and changes required in order to step into the future of the accounting profession. It's research-enabled courses, coaching, and competency development accelerate business transformation to #improvethworld.
Yasmin Farahi is deputy director of state policy at the Center for Responsible Lending, which provides nonpartisan research, analysis and advocacy to create financial fairness and economic opportunity for all.
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.
