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 Bone is General Manager at We Insure, a national insurance franchise agency that's disrupting the industry with an innovative business model focused on customer experience and exceptional agent support. The franchise offers unprecedented access to carriers and complete operational, IT, service and marketing support to its agency owners. We Insure is expanding rapidly across the U.S. with more than 300 retail locations.
Christine Muldoon is Senior Vice President of Strategy at WebMD Health Services.
Yakov Filippenko is a serial entrepreneur and founder at Intch, the social networking technology. He is on a mission to disrupt the future-of-work for tech professionals and C-level executives with AI-based user-matching algorithms. Filippenko's previous startup, SailPlay, was acquired by Retail Rocket, a retention management platform for brands.
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.
