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.
Ma. Contesa Pagulayan is a Program Specialist, Social Impact at Atlassian focusing on Remote Teams Engagement (prior to the pandemic!) and Engagement Data. Tesa is currently based in Manila. Outside of Atlassian, she is currently pursuing her graduate studies in Indigenous Psychology, focusing on Philippine Psychology at the University of the Philippines. She's been with Atlassian for four years now, spending two years within the Recruitment and People teams before moving to her current role.
Peter Rasmussen, MD, is Chief Clinical Officer, The Clinic by Cleveland Clinic, and Professor of Neurosurgery, Department of Neurosurgery, Cleveland Clinic and Cleveland Clinic Lerner College of Medicine, Case Western Reserve University. Dr. Rasmussen received his bachelor of science in biochemistry from the University of Wisconsin, Madison, in 1987. He earned his medical degree from the University of Wisconsin Medical School in 1991. Dr. Rasmussen is a past-President of the Society of Neurointerventional Surgery where he played a leading role on the national stage in continuing society initiatives to resource, train and support veteran and new practitioners in an area of medicine that is transforming treatment approaches to neurovascular conditions.
Christoph Dankert is the senior vice president of Provider Partnerships at Carrum Health.
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.
