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.
Erik Asgeirsson is a technology industry veteran with expertise in cloud computing , e-commerce and business expansion. He has led CPA.com, the technology subsidiary of the American Institute of CPAs, since 2002. Asgeirsson is regularly listed in Accounting Today’s annual Top 100 Most Influential People in the CPA Profession, and is a member of the DigitalNow Advisory Group, which counsels association leaders on opportunities in the digital age. Before joining CPA.com, he held a variety of senior positions at AT&T in sales, product management and operations. In his last role, he was a sales director for AT&T Business Services — the company’s largest division — where he oversaw a market segment with revenues of more than $100 million. He holds an MBA from The New York University Stern School of Business and a B.S. in Electrical Engineering from George Washington University. Early in his career, he served as a Peace Corps volunteer in Tanzania. He lives in Rye, N.Y., with his wife and three daughters. In his spare time, Asgeirsson is an enthusiastic sailor and skier.
Bob Dohrer is the chief auditor of the American Institute of CPAs, where he leads professional standards teams in the delivery of high-quality, innovative audit, attest, quality control, review, compilation and preparation standards. He also provides strategic direction to the Auditing Standards Board and the Accounting and Review Services Committee.
Head of Innovation, NFP
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.
