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.
Amid the economic crisis, many people are looking for sources of cash and can no longer afford their insurance premiums.
Steve Shorrock is president of Veris Settlement Partners and LifeVentures Corp. He was previously president and CEO of Banker’s Life Insurance Co.
Jennifer Jones, MSM RD, is an experienced healthcare professional with a background in clinical dietetics, wellness programming, and employer health. With over 15 years of experience, she has worked in various settings, including healthcare systems, occupational health organizations and health providers, and a welfare benefits advisory firm.
After working directly with patients and employees, Jennifer turned her focus to population and employer health to achieve a greater impact on health outcomes at Springbuk where she serves as the Sr. Director of Health Strategy Services.
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.
