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.
Jess Murray is the North America Banking and Capital Markets lead for Accenture Interactive, Accenture’s end-to-end experience and marketing agency.
James Roche is the vice president of product management at Verisk. He is responsible for product strategy and the development of new and enhanced, innovative solutions for personal lines property underwriting. James is a data analytics and insurance executive, having spent 25 years in the industry with roles across a variety of divisions including claims, operations, and underwriting.
Penny Lee is the president and chief executive officer of the Financial Technology Association, a trade group representing innovative financial technology companies.
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.
