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.
Dr. Amanda Graham leads the Innovations Center within Truth Initiative, a national public health organization that is inspiring tobacco-free lives. Under her leadership, the Innovations team has built a suite of technology solutions for tobacco control, including the EX Program, an enterprise quit-tobacco platform designed for employers. She is internationally recognized as a thought leader in web and mobile quit-smoking interventions and online social networks and has been awarded over $15 million in NIH research funding. Dr. Graham is also Professor of Medicine (adjunct) at Mayo Clinic College of Medicine and Science.
Ananda Radhakrishnan is vice president of bank derivatives policy at the American Bankers Association. Before joining the ABA, he worked in private practice and in government, including 12 years in senior positions at the CFTC, including as director of the division of clearing and risk.
Brett Manwaring is a managing director in K2 Intelligence’s regulatory compliance practice.
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.
