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.
Kees Wesdorp, PhD, has been business group leader for diagnostic imaging at Philips since January 2017. He previously served as the executive vice president with the EU portfolio team at Bain Capital and has also held leadership positions at NXP Semiconductors.
Jan Kimpen is Philips' chief medical officer, a position he has held since January 2016. As the leader of the global clinical team, he works with his team in collaboration with Philips businesses, markets and enabling functions to advance clinical capabilities and customer growth opportunities.
Jamie B. Fowler is national managing partner of tax services at Grant Thornton LLP.
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.
