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.
Carol Juel is executive vice president and chief technology and operating officer at Synchrony. She was named one of American Banker's Most Innovative People in Finance for 2026.
Hawzien Gebremedhin has been the diversity, equity and inclusion leader at Plante Moran for two years. Her family immigrated to the United States from the Tigray region of Ethiopia when she was a one-year-old, and she and her sister recently co-founded a nonprofit called Tigray Action Committee that is committed to bringing awareness and action to the Tigray Genocide. She is a graduate of the University of Colorado and holds a Diversity & Inclusion Certificate from Cornell University.
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.
