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.
Liz Pagel is senior vice president of consumer lending at TransUnion.
Kristen Clark, CPA and Syracuse office managing partner at The Bonadio Group, is a member of the firm’s Management Committee and board of directors. She is responsible for client service, partner and employee engagement, and market growth. She is also practice leader for Bonadio’s Professional Excellence Division, which is responsible for risk management, quality and education for the firm.
Rob Tockman is an audit partner at KPMG LLP and serves as chief accountant in the Department of Professional Practice.
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.
