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.
Jim Besaw is principal and chief investment officer for GenTrust, responsible for oversight, selection and management of all investment-related activity across the firm's strategies and portfolios, as well as the development of all new investment strategies at GenTrust. He co-founded GenTrust in 2011.
James Gelfand is president of the ERISA Industry Committee (ERIC), a nonprofit, Washington, D.C.-based organization that represents the largest employers in the U.S.
Jason Rauhe, CPA, leads McGuire Sponsel's global business services practice and is responsible for guiding clients and adding depth in all areas of the firm's international tax consulting services. Rauhe's extensive client and industry expertise has led him to be a sought-after published technical contributor and speaker across international tax topics around the country. Rauhe previously served as director of international tax at a Top 100 CPA Firm, where he was responsible for the firm's international tax division and served as the firm's international tax lead for major industry alliance networks. He also worked previously as vice president of global taxes at a large automotive supplier, where he managed the global tax function for the company's $7 billion business.
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.
