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.
Angela Sposato is a senior vice president and the chief HR officer for 5W Public Relations.
Claude A. Hanley Jr. is a partner at Capital Performance Group.
Paola Peralta is an Associate Editor at Employee Benefit News and has been with the team for five years. She is a proud UCF journalism graduate who got her start through a Dow Jones News Fund business internship and has since spent the majority of her career covering technology, healthcare, financial wellness and professional development across various industries.
Paola is especially passionate about telling stories that focus around workplace culture and employee experience such as Gen Z's struggles to navigate the workplace, how AI is disrupting businesses and the realities of diversity and equity efforts, as well as how current events are affecting employees personally and professionally. Her reporting on EBN's podcast, Perk Up!, earned the team a regional silver award from the AZBEE Award of Excellence in 2025. She has also interviewed several winners of EBN's Excellence in Benefits Awards, including top CEOs and CHROs from Lyft and Walmart.
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.
