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.
Scott Cawood is the CEO of WorldatWork.
As COVID-19 lockdown restrictions eased, New York, New Jersey and Pennsylvania businesses benefited.
Ryan McMahon has been passionate about tech innovation in the insurance industry since his early professional days. His first exposure to the insurance industry was in claims where he had the opportunity to work with various agents, policyholders and claimants. In his five years with Plymouth Rock Assurance, Ryan worked on a team that was deeply committed to reducing crashes, introducing a telematics-based rewards program to help incentivize safer driving. Ryan brings that same passion and commitment to his work with CMT - leading teams on the development of a platform that leverages AI and telematics to improve driving behavior and dramatically reduce the number of accidents on the road.
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.
