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.
Kevin Kelly is senior finance counsel at Simon Property Group.
Catherine Dahl is the CEO of Beanworks, an accounts payable automation platform.
Kevin Kelly is a Security Expert with the Fraud Prevention Division of Kaspersky Lab.� Utilizing Kaspersky Lab’s cutting-edge research into mobile security threats and Kevin’s experience of more than two decades in banking, he helps organizations fit new layers of security into existing framework to maximize ROI while taking advantage of new technology changes.�Prior to Kaspersky Lab, Kevin worked for several global banks as well as other respected vendors in the Banking IT Security market.� He holds a Bachelor of Science in Economics from the University of Buffalo and currently resides in New Jersey.
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.
