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.
Michael Levin is the Co-Founder and CEO of Ideon, a New York-based data company simplifying the exchange of health insurance and employee benefits data. Ideon connects carriers and technology companies that are transforming the way health insurance and employee benefits are quoted, sold, enrolled and managed.
Jeannie Ruesch works as the director of marketing at Bill.com and has worked in the accounting industry for more than seven years. She previously worked at Xero and at The Sleeter Group. She has more than 20 years in brand creation and strategy, design, social media development, demand gen and customer marketing. She’s also an author and an award-winning graphic designer.
IT Applications Manager, MLB Residential Lending
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.
