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.
Joanne Cleaver, president of content strategy firm Wilson-Taylor Associates Inc., designed and manages the Accounting MOVE Project, an annual research and advocacy effort produced by the Accounting and Financial Women’s Alliance, The Accounting MOVE project is now owned and managed by Bonnie Buol Ruszczyk, who owns marketing and DEI consulting firm, bbr companies. The Accounting MOVE Project is supported by participating firms, including sponsors Moss Adams and SAPRO, in partnership with the Accounting and Financial Women's Alliance.
Simon Viney is the cybersecurity financial services sector lead at BAE Systems Applied Intelligence.
Lily is an incoming freshman at Northwestern University Medill School of Journalism. She served as Editor-at-Large of her school newspaper this year and co-founded The Iris (theirisnyc.com) last May. Twitter: @lily_wolfson
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.
