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.
Dave Kelly founded of AnalyticsIQ 14 years ago after the successful acquisition of his former company, Sigma Analytics.
He is an alumnus from the University of North Florida and earned his MBA from Georgia Tech.
Eric Ayala is the senior vice president, Americas for Novidea, creator of the born-in-the-cloud, data-driven insurance platform that enables brokers, agents, and MGAs to modernize and manage the customer insurance journey. Eric has more than two decades of technology startup and venture capital experience. A Silicon Valley veteran, he has led multiple Sales and Marketing teams at startups funded by prestigious VCs such as NEA and Accel and Corporate VCs such as Dell and Microsoft.
Ally Powers is a CPA working on the assurance staff for Plante Moran in Grand Rapids, Michigan.
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.
