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.
Martin J. Gruenberg is acting chairman of the Federal Deposit Insurance Corp.
Dr. Yusra Benhalim is a Triple Board–certified psychiatrist in adult, child and adolescent, and addiction psychiatry. In her role, she focuses on enhancing the clinical enablement of innovative and effective solutions that meet the current and future needs of people across the country. With a focus on helping patients connect with their well-being and health outcomes, Dr. Benhalim helps create clinically focused, human-centered solutions, perspectives and best practices to facilitate a seamless and effective engagement experience.
Perry Green is chief financial officer and a senior wealth strategist at Waddell & Associates. He has worked extensively with owners of closely held businesses and executives of large corporations assisting with tax planning, transition planning and stock option planning as well as with gift, estate and retirement planning.
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.
