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.
A national policy leader with over 20 years of experience, Dr. Keita M. Franklin is the Chief Clinical Officer at Loyal Source Government Services– the nation’s leading healthcare solutions provider – and has consulted with many entities on issues related to workplace wellness. Prior to joining the Loyal Source team, Dr. Franklin was a senior executive at both the Department of Veteran Affairs (VA) and the Department of Defense (DoD), frequently representing the DoD and the VA during testimony in front of both chambers of Congress and advising the Office of the President, the Domestic Policy Council, and the National Security Council. During her tenure, Dr. Franklin led enterprise-wide programming for Veterans, military service members and their families.
Serving Loyal Source since inception, Brian Moore is a recognized creative solutions and results-oriented leader. Overseeing operations, and all Loyal Source Government Services business development efforts, Moore is responsible for the company’s strategic marketing and outreach programs, expertly designed to infiltrate and develop new government service venture opportunities for the business worldwide. Managing the company’s largest national and international client agency accounts, Moore’s decade of commercial and government business acumen has been integral to the development of the Loyal Source name, today known worldwide for developing innovative and market-variable human capital solutions on a global scale.
Linda Killinger was vice chair of the Federal Home Loan Bank of Des Moines and a partner in an international accounting firm.
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.
