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.
The COVID-19 pandemic flipped our working world on its head.
Kristen Keats is the founder and CEO of Breakaway Bookkeeping and Advising.
George Hosfield is Senior Director, Home Insurance, for LexisNexis Risk Solutions. He is responsible for establishing the strategic direction of the home insurance business, as well as working with customers, prospects and the product development team to create the solutions that meet insurers’ needs.
Hosfield has been with RELX Group since 1999 working in various operational and strategy roles within the Legal & Professional business of LexisNexis and LexisNexis Risk Solutions. Most recently, he supported the insurance business as part of the strategy and business development team, advancing company expansion through the acquisitions of Wunelli, Coplogic, iyeTek, policereports.com and Mapflow.
Hosfield earned a bachelor’s in English from the University of Virginia and a master’s in business administration from the University of Richmond.
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.
