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.
R. Dale Hall, FSA, MAAA, CERA, CFA is Managing Director of Research for the Society of Actuaries Research Institute (SOA). In his role, Dale is responsible for managing research projects and experience studies across the SOA's wide variety of actuarial practice areas and markets and coordinating strategic research partnerships. Additionally, Dale hosts the SOA's Research Insights Podcast and has appeared on behalf of the SOA in a variety of media outlets including NPR, C-SPAN and National Geographic.
Prior to joining the SOA in 2013, Dale spent over 20 years in the US insurance industry, primarily as Chief Actuary for the Life/Health companies of COUNTRY Financial and as an adjunct professor in the actuarial science program at Illinois State University.
Maghnus Mareneck is co-CEO of Cosmos Labs, a provider of Layer 1 blockchain infrastructure.
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.
