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 Graham is the Chief Executive Officer for Poll Everywhere. Prior to his role as CEO, he spent over seven years with Poll Everywhere working his way up from Engineering Growth to Chief Revenue Officer, managing teams devoted to the strategic growth of SaaS within the company. He is a Georgia Tech Computer Science alum.
Krista Krumina is the co-founder of Truesix Co and a writer at DeskTime. In her free time, she's also a freelance journalist whose work has appeared on Insider, Sifted by FT, Thrive Global, and more. She writes (and ghostwrites) about business, productivity, and technologies. Her goal in life? To travel the world, one corner of the Earth at a time.
Joshua Fieldgrove is VP of Servicing Oversight at Clayton
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.
