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.
Patricia J. Goldsmith is Chief Executive Officer of CancerCare. A frequent speaker at national meetings and symposia, Goldsmith was named in 2021 to Forbes Magazine's 50 Over 50 Vision List, honoring women making an impact on society and culture. In 2022, CancerCare published a free Toolkit that helps inform the benefits package design and decision-making process and offers key considerations when plans include utilization management.
Alexander Hagerup is co-founder and CEO at Vic.ai, which is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Alexander is a serial tech entrepreneur with a strong passion for artificial intelligence. Prior to launching Vic.ai, he founded two other technology companies; his most recent venture was funded by Northzone Ventures and later acquired by NASDAQ-listed J2 Global Inc., in 2014.
Dave Reubzaet is director of global advisory and tax lead at the Global Reporting Initiative and leads the global engagement on tax, including the GRI 207 tax-reporting standard. In this role, he advises and engages with organizations around the globe to advance sustainability in policies, business strategies and reporting and emphasize its importance for sustainable development. He has more than 20 years of international experience in advising corporates and financial institutions on sustainability, from sustainable business strategy to risk management and sustainability reporting. His specialization is in sustainable tax, covering topics like responsible tax investing, good tax governance and tax transparency.
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.
