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.
Jon Giuliani is the chief revenue officer of Ximplifi, where he leads finance, sales and operations to help businesses scale with outsourced accounting and trust accounting automation. He has over a decade of executive experience across health care, finance and technology.
Anne Eberhardt is a senior director and forensic accountant in the New York office of Gavin/Solmonese. She is a certified fraud examiner and a certified anti-money-laundering specialist.
Josh Cashman, CFA, teaches corporate finance at the University of Denver's Daniels College of Business and advises on lower-middle-market M&A transactions. Ron Neufeld, CPA, previously taught accounting at Regis University. Tom Yeh, Ph.D., is a professor of computer science at the University of Colorado Boulder, where his research focuses on artificial intelligence applications in document understanding. Together they are partners engaged in AI-driven Quality of Earnings through QoEAgent (https://qoeagent.ai/)
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.
