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.
Kristen Warfield is an editor at Employee Benefit News. Her coverage interests include mental health, modern parental benefits and empowering women in the ever-evolving workplace. Most recently, Kristen was an editor at Eat This, Not That!, where she focused on health, wellness and trending food content. Before joining EBN, Kristen also wrote for national media outlets such as Reader's Digest, The Dodo and iHeartDogs.com. She earned a bachelor's degree in digital media and journalism from SUNY New Paltz, and as a native of the Hudson Valley region of New York, Kristen spends a lot of her time outside gardening and hiking.
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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.
