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.
Tobias Salinger is Financial Planning's chief correspondent, with nearly a decade of experience covering wealth management, regulation and the business of financial advice. He specializes in investigations and enterprise reporting on advisory firm strategy, regulation, conflicts of interest, and diversity and equality across the industry.
Tobias has been recognized for his investigations and original reporting on the conflicts of interest that affect wealth management firms, as well as systemic racism in finance, winning more than a dozen honors, including the Jesse H. Neal, Azbees, SABEW Best in Business and Folio Eddie awards.
His award-winning coverage includes:
- Building Black Wealth in St. Louis
- The wealth management industry's $1T conflict of interest
- A black eye for FINRA? Brokers with checkered histories cast doubt on enforcement efforts
- Access denied: Systemic racism in financial services
- From sealed transcripts, the inside saga of LPL Financial's largest termination ever
Before Financial Planning, Tobias reported for the New York Daily News, Commercial Observer and City Limits. He holds a master's degree from the Craig Newmark Graduate School of Journalism at the City University of New York (2013) and is an alumnus of the Fellowship at Auschwitz for the Study of Professional Ethics, an international program focused on how the lessons of history inform professional ethics today in journalism and many other fields.
Born and raised in Kansas City, Missouri, now based in Chicago, Tobias is an avid softball player, a novice bird watcher and reader of contemporary fiction.
Connect with Tobias on LinkedIn or reach him at: tobias.salinger@arizent.com.
Teresa Carroll is the vice president of PEO (Professional Employer Organization) at Paychex and the president of Oasis, by Paychex HR.
Matt Harmon has served as the senior vice president of claims for The MEMIC Group since 2015. In this role, he is responsible for all claim-related activities for MEMIC across 40+ jurisdictions. Matt brings more than 25 years of workers’ compensation claims experience to his position. Matt began his insurance career in 1994 after graduating from the University of Maine with a degree in Business Administration. Active in his community, Matt currently serves on the board of directors for the American Red Cross of Southern Maine and Boots2Roots. He is a 2019 graduate of Maine Development Foundation’s Leadership Maine program, and is a current MBA candidate at the University of Maine.
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.
