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.
James Duffy V is a summer reporting associate for American Banker based in Los Angeles.
Natasha Shifrin is the Global Outbound Sales Director at Hibob and joined the company in 2020. She has been working at SaaS startup companies for nearly a decade, and Hibob is the fourth high-growth business that she has joined. In her previous roles, and at Hibob, she has remained focused on top of funnel revenue generation and is fascinated with the humanity behind the science of sales. She believes that everyone brings something different to the table, and the key to building teams is understanding how all those different pieces can work and integrate together to build a strong group. Natasha was born in London, spent time living in New York, and now resides in Tel Aviv.
Peter Lord is CEO and co-founder of Codat.
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.
