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.
Frank Buytendijk is a Gartner Fellow in Gartner's Data and Analytics group, pioneering the topic of "digital ethics" and "digital society" helping organizations to do the "right thing" with technology and avoid "messing up." Mr. Buytendijk further covers data and analytics.In addition to his responsibilities at Gartner, Mr. Buytendijk is a visiting Fellow at Cranfield University School of Management, and a regular guest lecturer at Warwick Business School. Mr. Buytendijk has a solid history of his work being right on time or becoming relevant one to two years after publication.Examples include ethics/privacy in analytics (2012), embracing complexity (2011), management excellence (2009), behavioral performance management (2008), high-performance organizations (2005), collaborative decision making (2003), enterprise performance management (2002), business activity monitoring (2001) and BI/ERP (1998).
Don Korn is a freelance financial writer with expertise in taxes, tax shelters, investments, real estate, financial planning, retirement planning, estate planning, life and health insurance.
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.
