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.
Ron Quaranta currently serves as chairman and CEO of the Wall Street Blockchain Alliance, a nonprofit trade association promoting the comprehensive adoption of blockchain technology and cryptoassets across global financial markets. He possesses almost three decades of experience in the global financial services and technology industries. He He is the editor and contributing author of the book, “Blockchain in Financial Markets and Beyond: Challenges and Applications,” published by Risk Books, as well as a contributor to “Blockchain & Cryptocurrency Regulation 2019,” published by Global Legal Insights. He was named one of the Top 100 Most Influential People in accounting by Accounting Today in 2018.
Michael Lynch is chief strategy and product officer for Deep Labs.
Phil Shoemaker is chief business officer at Home Point Financial, based in Ann Arbor, Mich.
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.
