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.
Kyle S. Hauptman is vice chairman of the National Credit Union Administration.
Mark Holman has served as president of accounting and consulting at Intapp since 2020, and as chief strategy officer since 2019. Prior to joining Intapp, Holman served as President of Strategy, Investments, and Marketing for Flex, a technology design and manufacturing firm. Previously, Holman served as a partner at A.T. Kearney and PwC, and was the founding chief executive officer of E2open, a SaaS supply chain software firm. Holman received his bachelor’s degree in electrical engineering from Kettering University and a Master of Business Administration degree from the University of Michigan.
Michael Boroff is a doctor of psychology and mental health program manager at Crossover Health.
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.
