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.
Rob Nendorf is the Director of Data Science at Arity. He leads the data scientists, data engineers, and analysts across the company that turn our driving data into meaningful insights. He previously led data science as well as analytics deployment initiatives at Allstate. Rob received his Ph.D. in Mathematics from Northwestern University.
Robert Goff, vice president of Succession & Acquisition Consulting at Raymond James, has more than 25 years of experience in the financial services industry and with Raymond James. In his current role, he leads a comprehensive, high-touch, consultative team that assists advisors as they prepare for their business succession plans, including consulting with buy/sell arrangements, catastrophic planning, long-term planning, acquisition support and team administration. Robert is a graduate of Carleton University and earned his MBA from University of Miami.
Nicolette Medina is senior product manager at MineralTree.
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.
