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.
Caleb Jenkins began his career at RLJ Financial Services and leads the outsourced tax planning & business accounting services team. He has been recognized as a Top Up-N-Comer ProAdvisor and Top 40 Under 40 in the accounting profession, and serves on numerous councils including the Intuit ProConnect Customer Tax Council and the ADP Accountants Advisory Board. Reach him via email at caleb@rljfinancial.com.
Stephen W. Hall currently serves as the legal director and securities specialist for Better Markets. He joined Better Markets in January of 2011, bringing extensive experience in securities and commodities regulation acquired through positions in the federal government, private practice and the nonprofit sector.
In addition to overseeing legal activities, including litigation matters and amicus briefs on behalf of Better Markets, he is heavily involved in the preparation of regulatory analysis, comment letters on proposed rules, and special reports on topics related to financial regulation and enforcement.
Lori Daugherty is Chief Executive Officer at Ascellus where she provides analytical decision-making, strategic planning and executive leadership. As CEO with more than 30 years of experience, she is focused on developing best practices for organizational processes, performance measurement systems and building Ascellus’ infrastructure to maximize the company’s growth.
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.
