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.
Eric Sontag is president and chief operating officer at Wealthspire. He manages the firm's general business practices and processes and of the firm's Executive and Investment committees and is a member. He also leads technology, operations and investments functions while helping to shape the overall strategic direction of the firm.
James Fritz is chief information security officer at NFP. Prior to this role, he helped migrate companies to the cloud, as well as for the U.S. Army, where he conducted defensive cyberspace operations. He holds a bachelor's degree in mathematics from the United States Military Academy and earned an MBA from Syracuse University.
Rich Saskal is a managing editor of The Bond Buyer. Since joining the publication in 2003, he has also worked as a reporter and as its Far West bureau chief. He has a master's degree in journalism from the University of Colorado and a bachelor's degree from the University of Virginia.
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.
