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.
Eric Prugh is chief product officer at PactSafe.
Mark Bornstein is the chief webinerd at On24.
Jamie Topolski currently is the Director of Alternative Payment Strategies at Fiserv. He is focused on delivering a cost-effective, comprehensive and integrated solution for clients migrating from magnetic stripe to EMV™ chip cards. Jamie currently serves on the Smart Card Alliance Payments Council Steering Committee and is the Vice Chair of the EMV Migration Forum Steering Committee.Previously, Jamie served on the EMVCo Board of Advisors and was the Manager of Global EMV Programs for Discover Financial Services. Jamie received his Bachelor of Arts degree from Duke University and Master of Business Administration from the Booth School of Business at the University of Chicago.
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.
