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.
Sara Shipley, the chief human resources officer (CHRO) and chief transformation officer at INSTANDA, is a dynamic HR leader with a rich history of success in the retail, insurance, and technology sectors. Passionate about transformation and ESG (Environmental, Social, and Governance), Shipley's impactful journey extends from her pivotal role at Hiscox to her current leadership at INSTANDA, where she continues to drive innovation and HR excellence while championing responsible business practices.
Ann Minzner Conley is senior vice president, Complex Risk and Strategic Analytics, Risk Engineering Services at Chubb.
Maria Guercio is senior vice president, Climate Tech Industry Practice Leader, North America at Chubb's Climate+.
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.
