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.
Jill Spielberger is U.S. Engagement Practice Leader at Buck. She has more than 35 years of communications experience, helping organizations to develop and implement comprehensive, multi-channel change, communication, and marketing programs. Buck, a Gallagher company, is an integrated HR and benefits consulting, technology, and administration services firm.
William Laurent is a renowned independent consultant in data, governance and IT strategy. You can reach him at william@williamlaurent.com.
Kevin Mitchell has been the President of TypTap Insurance Company since October 2019. He has served as a Senior Vice President of HCI, managing HCI's investor relations and reinsurance placement and sales & marketing. Before joining HCI, Mr. Mitchell was an Area Director and Producer for Arthur J. Gallagher & Co. Prior to being with Arthur J. Gallagher & Co. he was a Commercial Lines Producer with Oswald Companies. Mr. Mitchell is a Bowling Green State University graduate, earning a Bachelor of Science degree in Communication and a minor in Marketing.
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.
