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.
Greg is a licensed financial advisor, business consultant and fintech entrepreneur with a mission to teach, inspire and guide people in areas of wealth management, business, marketing, and leadership. Greg is the director of business development for convos, Snappy Kraken’s text messaging program that helps financial advisors build deeper relationships with their prospects and clients to drive business growth and the CEO of Drozdow Financial, his financial education and services group.
With over a decade experience in financial services, Greg has helped hundreds of clients, including individuals, families and executives get to a better place financially, and has worked with some of the top financial institutions in the industry, including VOYA Financial, Penn Mutual and Prudential, to name a few. Through his experience, Greg has focused on helping other advisors on marketing and business strategy and is passionate about advancing technology and systems that improve the financial services industry overall.
Rick Dennen is the founder, president and CEO of Indianapolis-based Oak Street Funding, a First Financial Bank company with customized loan products and services for specialty lines of business including CPAs, registered investment advisors and insurance agents nationwide.
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.
