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.
Julie Sandorf is the president of the Charles H. Revson Foundation and a board member of the Rebuild Local New Coalition.
Steven Waldman is the founder and CEO of the Rebuild Local News Coalition.
As an experienced leader in the life and health insurance industries, I have dedicated my career to positively impacting people's lives. With over 20 years of experience, I have gained extensive knowledge in product development, pricing and distribution strategies, project management, process improvement, underwriting, claims, policy administration, and operations management.
My expertise extends beyond traditional insurance practices and encompasses the latest advancements in InsurTech. As an industry analyst, I have evaluated and implemented cutting-edge technology to improve customer experiences and drive operational efficiency. I am passionate about advancing the industry through digital transformation, ecosystem development, and strategic planning.At the heart of my work is a commitment to providing excellent customer experiences. By leveraging technology, talent, and best practices, I believe we can create a more accessible and equitable insurance industry.
When I'm not working, you can find me surfing on the Florida coast or exploring the great outdoors. I'm passionate about animals, supporting our veterans, and believe in appreciating the small things in life. Whether it's through reading my favorite authors or learning new things, I'm always looking to grow and improve.
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.
