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.
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Melissa Diaz has worked on a wide range of accounting and audit services across the southwest and internationally, with a specialty in the healthcare industry. She is a shareholder, and financial and GAAP accounting badass at High Rock Accounting, where she assists clients with GAAP compliance, financial modeling, financial reporting, and general financial accounting inquiries. She is currently the loving mother to two step-children and three dogs. If you’re in search of a good conversation topic, she could go on for hours about dogs in general (but particularly hers). Also sloths. Her passion for each is only rivaled by her love of travel.
The Public Company Accounting Oversight Board is giving firms a pause until May 11, given the difficulties businesses are facing from COVID-19.
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.
