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.
Vance Ginn is president of Ginn Economic Consulting, host of the Let People Prosper Show, and formerly chief economist of the first Trump White House's Office of Management and Budget from June 2019 to May 2020. He holds a doctorate in economics.
Don Connelly is co-founder of Don Connelly & Associates.
Over his 40-plus year Wall Street career, he has served as a stockbroker, national sales manager and company spokesperson for a leading global investment firm.
Latreace Wells is the assistant vice president of career planning and development at Fisk University.
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.
