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.
Natalie Neelan is director of innovation at Boston Mutual Life Insurance, she leads a team dedicated to turning emerging ideas into measurable business impact. Previously, she founded and scaled her own consultancy, Straightline Innovation, and partnered with major organizations including Nationwide and Highmark. Her expertise spans strategic communications, human-centered design, and building ecosystems that accelerate corporate transformation. A Certified Digital Marketing Professional and LUMA Human-Centered Design Facilitator, Natalie is also the author of Rebel at Work: How to Innovate and Drive Results When You Aren't the Boss. She earned her MBA in Entrepreneurial Leadership and Strategy from Chatham University and her BS in Communications from Clarion University of Pennsylvania.
Manish Naik serves as the President of Cigna Healthcare's Dental and Vision benefits products. The business currently serves over 17 million customers across the United States. In this role he is responsible for network strategy and development, product strategy and development, provider relations, sales operations, innovation, and clinical execution.
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.
