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.
Robert E. Miller, CFA, is CEO of Frontier Asset Management, which he and principal Gary A. Miller, CFA, established in 2000 in Sheridan, Wyoming.
The firm strives to create quality investment strategies while staying true to the values of transparency, honesty and hard work.
Craig Weaver is managing partner of tax services and develops the strategic growth and direction of the tax practice of Baker Tilly. Since joining the firm in 2003, he has been instrumental in the growth and development of the tax practice. In addition to his leadership position at the firm, he has over 30 years of experience in taxation and accounting.
Michele Donohue is a principal with Baker Tilly's tax practice. She brings over 20 years of experience in corporate tax, technology and process. She is responsible for transforming Baker Tilly's tax practice and embedding innovation at its core. She serves on the firm's tax leadership team, which drives strategy and operations for the tax practice.
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.
