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.
These direct payments are intended to provide direct assistance to American taxpayers who have lost wages, jobs or opportunities because of COVID-19. But there is some fine print.
Heidi joined Arizent at the start of the COVID-19 pandemic in March 2020. Previously, she was the special editions editor at real estate trade publication The Real Deal, covering residential and commercial markets in South Florida, Los Angeles and the metro New York area. Prior to TRD, she was features editor at hyperlocal New York news site DNAInfo, where she oversaw coverage of the city's residential real estate market. With a Bachelors of Science from the College of Communication at Boston University, Heidi majored in film and later worked for celebrated cinéma vérité documentarian Frederick Wiseman. She also did stints as film editor at Metro Newspaper and UsWeekly.
Twitter: @heidipantz
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.
