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.
René Lacerte is the CEO and founder of Bill.com. Prior to launching Bill.com in 2006, he co-founded online payroll service provider PayCycle in 1999, which was acquired by Intuit in 2009. Lacerte also spent five years at Intuit, creating and managing the company's bill presentment team and growing its bill payment and credit card offerings into multi-million dollar businesses for the company. He also launched Intuit's first connected payroll product, growing the team from two employees to 300 in 18 months.
Michael Parrinello is a partner and practice leader of Bonadio Advisory at The Bonadio Group. As the leader of the firm’s Bonadio Advisory Practice, which offers strategic consulting services from analysis to execution, driving profitability, increasing efficiencies, mitigating risk and improving operations, he works closely with clients to evaluate opportunities and achieve their strategic goals by delivering value-added solutions.
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.
