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.
Sommer Sherrod is the vice president of Healthcare Strategy and People Strategy Consulting at Insurance Office of America.
Assaf Henkin is the Co-founder, President, and COO of life insurtech Sproutt. A recognized expert on predictive analytics and data insights, Assaf has more than 20 years of experience building scalable cross-channel, cross-device, and cross-format data-driven products. Prior to his current role, Assaf served as chief insights officer at Amobee, a Singtel wholly-owned subsidiary. Prior to that Assaf co-founded Kontera, a Big Data consumer data and analytics platform that was acquired by Singtel. Assaf holds a BS in Computer Information Systems from San Francisco State University and an MBA from the Northwestern University Kellogg School of Management.
Karl A. Wagner III is a Partner and Senior Wealth Advisor with Biondo Investment Advisors, LLC with locations in Milford, Pennsylvania, and Sparta, New Jersey.
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.
