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.
Kirstin Marr is the Chief Analytics Officer at Insurity, a leading provider of cloud-based core system solutions and data analytics for the world's largest insurers, brokers and MGAs. Previously, Marr was the president of Valen Analytics and one of the pioneers of the Insurance Careers Movement coalition, a grassroots initiative of more than 1,000 insurance organizations raising awareness of what insurance has to offer millennials. Before Valen, Marr ran B2B marketing for internet technology pioneer and market leader ServiceMagic.com (now HomeAdvisor). She has a passion for building companies that invent leading-edge technologies to improve customers' lives and solve the inefficiencies that exist in traditional marketplaces.
Gerard Griffin is CEO and founder of AnyDay, the world’s first vertically integrated provider of end-to-end earned wage access and other financial wellness solutions. Thanks to the payments infrastructure of its parent QRails, the AnyDay platform enables payroll processors, human capital management companies, workforce management providers, and large corporations to deliver instant payment of earned wages to employees at low to no cost.
Chaz Hinkle is the chief people officer and senior vice president at Welltok
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.
