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.
Bri Joiner, Director, Regulatory Compliance, Municipal Securities Rulemaking Board
Amanda Pope is the director of carrier relations for ADP.
Dave Abner is the Global Head of Business Development at Gemini. In this role, Dave oversees the expansion of Gemini’s institutional business and leads the relationships with major institutional partners and high net worth individuals on a global scale.
Prior to joining Gemini, Dave was instrumental in bringing ETFs from a fringe arbitrage trading tool to an investment product utilized by institutional asset managers. His most recent book, The ETF Handbook (Wiley Finance) describes the inner workings of ETFs and how to achieve efficient portfolio implementation and execution.
Most recently, Dave was the CEO of the European Division of WisdomTree Asset Management, joining the firm as a startup and helping it grow to more than $60 billion in assets under management.
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.
