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.
Mary Dent is senior advisor at Klaros.
Stacy Miller is a partner, vice president and wealth advisor for Bright Investments in Tampa, Florida. She also served as the chief operations officer and chief financial officer for a national nonprofit honoring the service and sacrifice of the American military.
Stacy has over 25 years of diverse professional experience leading and advising organizations through strategic, operational and financial success.
Daryl Hemeon is a Solutions Architect at Noyo. Before starting at Noyo, he used to build web applications, work on Marketing Technology, and then helped accelerate business problem solving as one of the founding members of the Digital Incubator at Unum. He has always believed that solving problems on the personal level with technology will make our lives better. Daryl currently lives in Cape Elizabeth Maine with his family, where he enjoys all the outdoors that Maine has to offer.
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.
