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.
Louise Doyle is the visionary co-founder and CEO of needi, a corporate gifting service that uses AI-powered gift-matching technology to connect businesses with the perfect sustainable gifts while supporting local independent businesses.
Alongside co-founder Steph Scholes, needi has grown to work with over 150 B2B clients, including high-profile companies like Microsoft, Spotify, and Virgin, generating over £1 million in sales for small businesses.
Stephanie Miller is SAP's global vice president for finance, risk and quote-to-cash. She has over two decades of experience driving customer success while simultaneously building and leading high-performing teams. She is focused on establishing trusted relationships with finance executives to help them identify, prioritize and deliver on business outcomes.
Tom Madonna is vice president of SAP America's North American industry advisory for services and financial service industries.
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.
