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.
Brian Mistler is a manager at EY's financial services office for blockchain and cryptocurrency.
Thomas Shea is a tax partner and principal at EY.
Alex Dalyac is the co-founder and CEO of Tractable, which develops artificial intelligence for accident and disaster recovery. Working with the largest insurers across the United States, Europe and Asia, Tractable's AI has accelerated accident recovery for hundreds of thousands of households. Prior to Tractable, Alex performed research at Imperial College London, where he led the Computing department’s first industrial application of deep learning. Alex has also been named by Forbes in its Europe 30 Under 30 for Technology and by the FT as one of the UK’s top 100 entrepreneurs.
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.
