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.
Deborah Kaufman, DO, MBA, is the senior medical director of women’s health at eviCore.
Jeremy Barbee is a Commercial Lines Risk Consultant focusing on Aviation Insurance. He works with clients on all types of aviation insurance needs, including personal, commercial, aerial applicators, flight schools, drones and more. Jeremy has a true passion for aviation and loves talking about flying with his clients. He is a private instrument-rated pilot whose preferred plane is a Cherokee 6, but he loves talking about all types of airplanes. One of his favorite parts of his job is working with clients as they get new airplanes because of the opportunity it presents to learn more about aviation.
Carol Adams is a professor of accounting at Durham University Business School in Durham, U.K. She is an internationally recognized researcher in corporate accounting and reporting and its role in the relationships between business, society and the environment. She is founding editor and editor-in-chief of the Sustainability Accounting, Management and Policy Journal.
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.
