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.
Alex Reddish is chief commercial officer of Tribe Payments.
Stuart Winchester is the founder & CEO of Marble. Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, explore, pay, and - for the first time ever - earn rewards on their insurance premium payments. Prior to Marble, Stuart worked as the General Manager, Insurance Product at Better.com. Before Better.com, Stuart led General Assembly's flagship New York campus where he oversaw one of the largest technical and design communities in the city.
Danny Estrada, MBA, is the director of enterprise solutions at Introhive. He focuses on helping organizations realize their growth and sales goals through leveraging AI and relationship intelligence. He has over 20 years of experience as a CRM practitioner and management consultant focused on the deployment and adoption of CRM platforms.
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.
