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.
Dermot McCauley is vice president of platform product marketing at Kofax.
Ed Ligonde is a partner and market director at Nava Benefits.
An executive vice president and chief credit officer for Fannie Mae until the late 1980s, Edward Pinto has done groundbreaking research on the role of government housing policies in the lead-up to the financial crisis. In particular, his data have revealed striking facts about the contributions of housing policy to the mortgage crisis. Two of his major research papers have been submitted to the Financial Crisis Inquiry Commission: "Government Housing Policies in the Lead-up to the Financial Crisis: A Forensic Study" and "Triggers of the Financial Crisis." Currently a housing-finance-industry consultant, at AEI Mr. Pinto is continuing his work on the role of housing policies in the financial crisis and researching policy considerations and options for rebuilding our housing-finance sector.Previous experience also include: President and CEO, Courtesy Settlement Services LLCConsultant to the Housing-Finance IndustryPresident and CEO, ICBA (Independent Community Bankers of America) SmartLender LLCExecutive Vice President and Chief Credit Office; Senior Vice President, Marketing and Product Management; and Vice President, Negotiated Transactions Fannie MaeCapital-Markets Program Manager and Senior Legal Counsel Mortgage Guaranty Insurance CorporationGeneral Counsel and Staff Attorney Michigan State Housing Development AuthorityHe holds a J.D. from Indiana University School of Law and B.A. at University of Illinois.
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.
