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.
Michael DeLong works for CFA’s Campaign for Fair Auto Insurance as the Research and Advocacy Associate. He conducts research on auto insurance and advocates for better, fairer, and more affordable practices that will protect consumers.
Douglas Heller is an insurance expert for the Consumer Federation of America (CFA). During two decades of work on public policy and regulatory matters related to property-casualty insurance, Heller has authored op-eds, articles, and reports on auto insurance pricing in the United States, overseen regulatory challenges to insurance company rates and practices, and provided expertise in insurance-related litigation.
John Quick was founding CEO of New Directions Behavioral Health, a founder, member and now executive director for the National Behavioral Consortium
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.
