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.
Sung Won Sohn is a professor of finance and economics at Loyola Marymount University. He has also served as president and CEO of Hanmi Financial Corporation, a commercial bank based in Los Angeles.
Michelle joined Global X in 2018 as a Portfolio Strategist for the Model Portfolio team. She contributes to investment management, due diligence, portfolio administration and research. She holds a CFA.
Jon joined Global X in 2017 as CIO. He helps to shape the firm’s market outlook, leads the construction of model portfolios, crafts the firm’s investment strategy, and contributes to the development of ETF products.
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.
