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.
Erik Breen has led the Integrated Reporting Framework Panel since 2016, after being a Council Member of the International Integrated Reporting Council from 2013-2016, and has the ambition to reconnect the power of institutional capital with the beneficiaries’ non-financial values through a realistic business-driven approach. He has 24 years’ experience in asset management, especially in integrating finance and sustainability. He has been at the forefront of global developments in corporate governance, responsible investment, stewardship and sustainability and impact investing. He has international experience as board member in developing and challenging strategy, in promoting effective risk oversight and in fostering open board cultures. He founded Infinsus, which is dedicated to integrating finance and sustainability.
Mortgage application volume rose last week, but with the 10-year Treasury yield tanking in recent days, growth in refinancings for the current period is quite likely, according to the Mortgage Bankers Association.
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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.
