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.
Sheryll Yee is a retirement consultant at Commonwealth Financial Network. Yee assists affiliated advisors and home office staff with information and insights on retirement-related topics, including IRAs, qualified plans regarding IRS rules and regulations, retirement planning and product selection.
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Jay Choi joined Qualtrics in January of 2016 and is currently the Executive Vice President of the Employee Experience business. At Qualtrics, Jay has led several key initiatives including category creation, pricing / packaging, and GTM strategy. Prior to joining Qualtrics, he served 16 years in executive roles with Deloitte, 3M, and Danaher. Jay earned his Bachelor’s degree in Computer Engineering from the University of Michigan and his Master of Business Administration in Marketing, Finance and International Business from the Kellogg School of Management at Northwestern University.
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.
