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.
The Internal Revenue Service has asked all of its employees to work from home as a result of the coronavirus pandemic.
Jim Marous is an internationally recognized financial industry strategist, speaker, author and the publisher of both the Retail Banking Strategies section of The Financial Brand and the Digital Banking Report. He works with financial institutions worldwide on using customer insight and data to drive results. This includes developing innovative, multichannel solutions for acquisition, engagement, expanding share of wallet and retention. He has helped to successfully launch new products and services as well as build and reinforce existing products and brands. Jim has presented at several SourceMedia conferences in the past, has recently spoken in London, Sydney and Slovakia on innovation in banking and is a regular contributor and recent guest host for the Breaking Banks�broadcast hosted by Brett King.He can be followed on Twitter and LinkedIn.
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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.
