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.
Sean Walters is CEO of the Investments & Wealth Institute.
He has been active in shaping education and standards within the financial advisor profession since 1997 and has worked in senior leadership roles for member-based, nonprofit organizations since 1992.
Ben Turner is CEO of Verituity, which provides payment verification services.
Lance Mason is a distinguished accounting professional and licensed CPA known for his ability to bring clarity to complex financial topics. He began his career at Ernst & Young, where he built a strong foundation in public accounting before moving into the startup ecosystem. There he has applied his deep expertise in ERP systems like Oracle NetSuite to help these startups scale. An engaging speaker, he combines practical experience, technical acumen, and a forward-thinking vision to deliver insights that resonate with accounting professionals and business leaders alike. His storytelling approach not only demystifies accounting concepts but also inspires a broader conversation about the future of capital markets.
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.
