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.
Michelle Canaan is the manager of insurance research for the Deloitte Center for Financial Services.
Kelly Cusick is a managing director with Deloitte Consulting LLP in Chicago and advises insurance clients on transformational initiatives related to their underwriting, product management and actuarial functions.
Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace culture. She was previously a video producer at Yahoo Finance with a focus on personal finance and career development, and has also worked for ABC World News with David Muir and ABC 20/20. Her writing has appeared on amNew York, The Daily Beast, Yahoo Finance, Huffington Post and ABCNews.com. Alyssa graduated with a bachelor's degree in journalism and sociology from New York University.
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.
