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.
Lara Rosenblum is a healthcare industry professional with a background in venture, product, and business development.
Jesse Kessler is CEO and Founder of Heuro Health, a digital health company.
Jon Atteberry is a Director of Data Science at LexisNexis Risk Solutions, leading a team responsible for developing Acquisition and Retention models and attributes for Auto, Homeowners, Life and Commercial lines. Jon has over 10 years of experience working in data analysis and analytics, working as Director of Web Traffic and Engagement Analytics at TechTarget, Inc. prior to joining LexisNexis. He holds a Master’s degree in Predictive Analytics from Northwestern University as well as an MBA from Georgia State University.
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.
