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.
Michael Simon is a consultant for ABBYY and the principal of Seventh Samurai, an e-Discovery and information governance expert consulting firm. Michael is a legal technology thought leader, having made over 100 presentations and written dozens of articles on e-Discovery and legal technology topics, including a book on Internet Law in 2002. He received his J.D. from Loyola University Chicago School of Law, and his B.A. cum laude from Tufts University.
Andrew Pery is a marketing executive at ABBYY, a global leader in content IQ and AI technologies and solutions. He has over 25 years of experience in the high technology sector focusing on content management and business process automation. Andrew holds a Master of Law degree with Distinction from Northwestern University, is a Certified Information Privacy Professional (CIPP/C) and a Certified Information Professional (CIP/AIIM).
Olivia Diaz is a business analyst at eTatvaSoft.com, an enterprise level web and mobile application development company. An avid reader and a passionate writer, she enjoys sharing her ideas on ground-breaking IT solutions, current IT trends and more.
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.
