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.
Samantha S. Lau was named Co-Chief Investment Officer of Small and SMID Cap Growth Equities in October 2014. Previously, she was a portfolio manager/analyst responsible for research and portfolio management for the technology sector of AB’s Small and SMID Cap Growth strategies. Lau currently co-chairs the Women’s Leadership Council at AB.
Joel Mee is the senior director of retirement plan sales at The Standard.
Paul McVoy is a principal in KBKG's R&D Tax Credit Consulting practice, overseeing the practice from its New York office. In this role, he devotes his time to consulting with companies to maximize their R&D tax credit claims. Prior to joining KBKG, he was a manager at a Big Four accounting firm in their Philadelphia, San Diego and Los Angeles offices.
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.
