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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Chief Appraiser, Radian
Mark L. Carroll received his bachelor’s degree in political science from the University of Massachusetts in Boston and a master’s degree in health administration from Lesley College in Cambridge, Massachusetts.
Mark is a licensed Nursing Home Administrator in two states: Maryland and Massachusetts. He has been in the health care business for over 25 years. Mark’s passion for the elderly stems from a long line of healthcare executives within his family. He has held positions in both large publicly traded companies and the private sector.
In 2016, Mark opened hospice agency, Trinity Hospice, with the intent to deliver quality end of life care to residents in the skilled nursing setting, as well as, the community at large. Mark currently serves as CEO/Principal for the organization.
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.
