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.
Dr. Chris Pierson, the CEO and founder of BlackCloak, a cybersecurity firm, served for over a decade on the Department of Homeland Security's Privacy Committee and Cybersecurity Subcommittee. He is the former president of the FBI's Arizona InfraGard and the former chief privacy officer for Royal Bank of Scotland. Dr. Pierson is a Distinguished Fellow of the Ponemon Institute.
Kevin Hart is the chief executive of Green Check Verified.
A mom, runner, nature lover, and also a veterinarian with a passion for integrating veterinary and healthcare science and operational excellence into sustainably successful business results. In my role as Chief Medical Officer at Banfield Pet Hospital, I seize the opportunity to help improve the health and wellbeing of veterinary professionals to build an industry in which we can better serve today's pets and their owners. Healthy vets. Healthy pets. Healthy communities.
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.
