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.
Mary Beth Ferrante is a Maven Clinic Career coach and the CEO of WRK/360, a platform designed to retain and attract working parents.
Angela Askew
Lead technology Product Manager
Wolters Kluwer Tax & Accounting
Ken Hittel is a 25-year former Executive Officer of New York Life Insurance Company, who spend his last 15 years building the Company’s first Websites and a full-service Corporate Internet Dept. He also received his PhD in Philosophy from the New School for Social Research and now spends his days going to conferences, blogging, and counting squirrels in Central and Riverside Parks in NYC.
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.
