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.
Gary Acosta is the co-founder and CEO of the National Association of Hispanic Real Estate Professionals. In his capacity as CEO of NAHREP, he created the Hispanic Wealth Project, a non-profit organization with a strategic plan to triple Hispanic household wealth by 2024.
Butch Zemar is the director of benefits at Elite Benefits of America.
Lee joined the EBN team in 2022, and covers areas including caregiving, employee health and wellness, healthcare innovation, and company culture. She created EBN's popular Benefits in Action and Manager Diaries series, interviewing top leaders from Walmart, AT&T, Aflac, DoorDash, and EY. Her reporting on EBN's podcast, Perk Up!, earned the team a regional silver award from the AZBEE Award of Excellence in 2025. She has also interviewed several winners of EBN's Excellence in Benefits Awards, including top CEOs and CHROs from Hyatt and Hendry Marine Industries.
Her favorite parts of the job are connecting with people who are passionate about providing great benefits and a positive work environment, and writing about strategies and tools that help them do this. Previously, she taught high school and middle school, and worked as a freelance writer in healthcare and advertising. She has a BA in English from George Mason University.
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.
