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.
Latin America is seeing a surge in digital wallet adoption as governments seek ways to disburse coronavirus aid to vulnerable citizens, and consumers look for safe alternatives to cash.
Dr. Jon Leizman is chief medical officer at Premise Health, which operates more than 650 wellness centers in 44 states and Guam for some of the largest commercial and municipal employers in the United States, including companies like Quicken Loans, Discovery, and Shaw Industries, a Berkshire Hathaway company. He previously served as the medical director of Cleveland Clinic at Work, where he led business and medical operations for multiple worksite health and occupational medicine centers.
David is the Co-founder and CEO of Lyra Health, a leading provider of innovative mental health benefits for more than 1.3 million U.S. employees and dependents, including organizations such as Starbucks, Zoom, Genentech, Morgan Stanley and Pinterest.
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.
