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.
Ellen Rose, a Senior Director at Treliant, is a seasoned financial services professional with executive experience in all facets of commercial and residential mortgage banking. Ellen has over 30 years of industry experience in directing originations, secondary marketing, servicing, support and vendor activities.
Steve Bartlett is a member of the Senior Advisory Board at Treliant, a consulting firm. He has over 30 years of experience in financial services, business strategy, corporate governance, ethics and compliance, and public policy at the highest levels of the private sector and government. His most notable positions include President and CEO of the Financial Services Roundtable in Washington, D.C., Mayor of Dallas and member of the U.S. House of Representatives and House Banking Committee.
Sidney King is president and CEO of Commonwealth National Bank, a community development financial institution in Mobile, Alabama.
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.
