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.
Charles Noski has served since 2016 as chairman of the Financial Accounting Foundation, the nonprofit body that appoints, funds and oversees the Financial Accounting Standards Board, and formerly chaired the FASB’s Financial Accounting Standards Advisory Council. Earlier in his career, he was chief financial officer of Bank of America and a member of the board of directors of Morgan Stanley.
Stephanie Donahole is a business analyst at Tatvasoft Australia, a web development company in Australia. Her aim is to sharpen her analytical skills, deepening her data understanding and broaden her business knowledge in these years of her career. She loves to write about technology innovation and emergence. Follow Her on Twitter at @SDonahole.
Clint Salisbury is regional sales manager for Utah-based International Document Services Inc.
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.
