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.
Amana Lilley, CPA, SHRM-CP, PHR, is a consultant at Rosenberg Associates. She began her career in public accounting working in both audit and tax. She spent over five years working with a variety of clients ranging from real estate partnerships to ultra-high net-worth individuals. In 2019, she pivoted her career to assist the profession as a human resource professional focusing on a wide range of areas including talent management, learning and development and general compliance. Today she works with progressive CPA firm leaders and teams on projects such as partner compensation, partner agreements, workshops, strategic retreat facilitation and HR consulting. She is a graduate of Portland State University.
Cheryl DeMars is the president and CEO of The Alliance.
Josh Butler is the founder and CEO of CompScience.
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.
