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.
Abby Mann is a consultant at X by 2. She is currently playing a senior developer role on a modernization project for a health care client’s web application and providing oversight for an internal team of developers working on an application using React/Redux. Previous projects include two years on a data warehousing project in the health insurance domain and working on a single page application for a client in the life insurance domain. Abby graduated from Rose-Hulman in 2016 with a double major in math and computer science and joined X by 2 shortly after graduation.
Eric Fuller is President & CEO of U.S. Xpress Enterprises, one of the nation’s largest asset-based trucking companies that employs nearly 10,000.
Kelly O’Donnell is the executive vice president and head of workplace at Edelman Financial Engines.
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.
