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.
Chris Skisak, PhD, is executive director of the Houston Business Coalition on Health.
Bryce Doty is senior vice president and senior portfolio manager at Sit Fixed Income.
Dave Russell is vice president of enterprise strategy at Veeam. He is responsible for driving strategic product and go-to-market programs, spearheading industry engagement and evangelizing Veeam’s vision for the Hyper-Available Enterprise, and works closely with the executive leadership team in accelerating the company’s growth in the enterprise. Most recently he held the role of vice president and distinguished analyst at Gartner with a focus on storage strategies and technologies
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.
