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.
Renee Schroder works with clients on back office operations at Synergy Financial Group and supports in managing client relationships. She processes client information and manages ongoing client projects.
Baruch Lev is the Philip Bardes Professor of Accounting and Finance at New York University Stern School of Business, where he teaches courses in accounting, financial analysis and investor relations. Professor Lev has been with NYU over 20 years. His primary research areas of interest include financial statement and investment analyses; intangible assets/intellectual capital; management and valuation; capital markets; and mergers and acquisitions. He is the author of six books including "Intangibles: Management, Measurement, and Reporting," "Winning Investors Over" and, most recently, "The End of Accounting and the Path Forward for Investors and Managers." Lev has published over 120 research studies in the leading accounting, finance and economic journals and received numerous awards and honorary doctorates. Before joining NYU, he held academic positions at the University of Chicago, the Hebrew University of Jerusalem, Tel Aviv University, where he was dean of the business school, and University of California at Berkeley (jointly appointed by the business and law schools). Lev's practical experience includes auditing, and investment banking. He was also a partner for over 15 years in a consulting firm.
Tara Pendleton is assurance director and audit quality director at BDO USA.
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.
