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.
Robert Shapiro is a marketing professional with deep roots in the CPA community. During his tenure as marketing director for a major New York City-based CPA firm, it grew from $14 million to $50 million in collections and from 17 partners to 54 partners. He was the founder of his own marketing consulting firm and provided outsourced marketing services to CPA firms up and down the Eastern Seaboard. He is classically trained in corporate identity and branding.
Morgan Snyder is the owner of CAllc Research Publications in New York.
Matt Verdecchia is Senior Trainer/Organizational Development with the EAP+Work/Life division of Health Advocate, a leading health concierge and benefits solutions company.
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.
