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.
With more than 20 years experience in banking and finance Gavin brings a deep understanding of both the issues facing clients and the practical challenges involved in implementing solutions.For more than half of his career Gavin held senior leadership positions with a large regional bank, gaining experience in commercial and small business strategy, SBA lending, credit and risk management and sales.Gavin has guided organizations through strategic change initiatives and regulatory and supervisory oversight issues. During his banking tenure Gavin had responsibility for implementing a range of Experian solutions and has spoken at Experian’s annual Vision Conference.Previously Gavin worked in the business leasing, agricultural and construction equipment sectors in sales and credit management roles.
Craig Keohan is the CRO of HealthSavings Administrators.
Craig Keohan is the CRO of HealthSavings Administrators.
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.
