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.
Dan Iskra an assistant vice president in Group Benefits at MetLife, responsible for the development and management of disability and absence management products. Dan joined MetLife in 2007 and has held various roles within the company primarily supporting the product development and finance organizations. During his tenure with MetLife, Dan has been instrumental in driving key strategies impacting the company’s growth in the disability and absence market.
Operation HOPE Chief Executive John Hope Bryant talks about how the Community Reinvestment Act influenced him at the age of 9 and eventually led to the founding of his nonprofit, which works with banks to help communities in need. But he says the 1977 law is outdated.
John Hope Bryant is founder, chairman and chief executive of Operation HOPE Inc., the largest nonprofit dedicated to providing financial literacy, financial inclusion and economic empowerment tools and services for youth and adults. He is the author of "Up From Nothing: The Untold Story of How We (All) Succeed."
Bryant is also chairman and CEO of Bryant Group Ventures and the Promise Homes Company, the largest minority-controlled owners of institutional-quality, single-family residential rental homes in the U.S. Bryant is an American entrepreneur, author, philanthropist and prominent thought leader on financial inclusion, economic empowerment and financial dignity.
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.
