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.
Rick Hirsh is a seasoned executive with 30+ years of experience leading management, sales, finance, and operations to drive growth in technology and software-enabled B2B services. He currently leads as CEO of Beneration, an insurtech platform built to cut waste and simplify the most error-prone parts of benefits billing for employers. Rick has driven organic growth, completed over a dozen acquisitions, and led four successful investor exits. Previously honored as Ernst & Young Entrepreneur of the Year, Rick and his companies have been recognized on the Inc. 500, Deloitte's Fast 50, and CRN Solution Provider 500.
Loni Winkler is the leader of the tax practice in the Great Lakes region at UHY and has over 20 years of experience in public accounting. She provides tax and business consulting services to privately held businesses and has extensive experience in individual, corporate and flow-through entity federal and multi-state taxations. She assists business owners, CFOs and controllers in developing and implementing innovative business strategies to minimize risk, maximize profits, preserve wealth, and reduce taxes.
Irina Olifer is a senior assurance professional with multiple audit and compliance credentials.
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.
