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.
Michelle Keefe is the founder and CEO of MomUp, which strives to help companies advance and succeed while simultaneously bringing more opportunities to women. MomUp is improving the landscape of the workforce and bringing work/life balance back into the equation.
Oshrat Binyamin is VP of HR at Monday.com.
Rob Berg is a Principal & Director in Perr&Knight’s Operations & Technology Consulting Practice. During his twenty-plus year consulting career, Rob has designed, planned and executed operational improvements yielding more than $100 million in cost savings; effected process redesigns to maximize the benefit of new technology adoptions; planned the deployment of core software application replacements; and provided financial and strategic analyses in support of major technology investments.
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.
