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.
Sri Gowd is senior director of North American deposits at Nomis Solutions, where he is responsible for managing all aspects of consulting, project delivery, advisory services and ongoing support for several of the top retail banks in the U.S. and Canada. Previously, Gowd served as director of global consulting at Fractal Analytics, where he managed a team of analytic and business resources focused on solving key strategic problems for financial services firms.
Scott Stewart is CEO of the Innovative Lending Platform Association.
Andy Rachleff is co-founder and CEO of Wealthfront, a next-gen banking service for millennials. He is also the chairman of the University of Pennsylvania endowment and teaches a course on entrepreneurship at Stanford's Graduate School of Business.
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.
