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.
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Leah Warwick is the Senior Content Manager for the American Society of Administrative Professionals (ASAP), the leading provider of training, community, and resources for admin professionals worldwide. ASAP produces the Professional Administrative Certification of Excellence (PACE), online courses, and annual training events, such as the Administrative Professionals Conference (APC) and EA Ignite. Learn more at ASAPorg.com.
Dan Rubin is the founder and CEO of YELO Funding, a fintech company that offers income-contingent financing to U.S. college students of all backgrounds. Mr. Rubin has 25 years of principal investing, investment banking, restructuring and operational experience, including roles as co-founding partner of YAD Capital, a private credit investment firm, private equity real estate investor at Halpern Real Estate Ventures and JEN Partners, investment banker at Lehman Brothers and turnaround consultant at Deloitte. He holds an MBA from NYU Stern School of Business.
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.
