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.
Harry Gittelson has been a Private Client Advisor with J.P. Morgan Wealth Management for 28 years, based in Los Angeles, California. Harry is actively involved in the community, having helped develop programming for the Human Sexuality Collection at Cornell University, One Archives Foundation at The University of Southern California (USC), and the Tools For Tolerance program at The Museum of Tolerance in Los Angeles. He is also a volunteer for The Los Angeles LGBT Center and The Human Rights Campaign. A graduate of Cornell University with a bachelor’s degree in applied economics, he also received his MFA from USC in film production and business.
Bill Gimbel is president of LaSalle Benefits, a technology-enabled corporate benefits firm.
As the Americas Insurance Sector Leader for EY’s Strategy and Transactions, Martin advises clients on all issues relating to organic growth strategy and inorganic acquisitions and divestitures. He also has deep experience in organizational structuring and operational integration and separation.
Martin holds an MBA from INSEAD and an MSc in Computer Science from Twente University, The Netherlands.
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.
