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.
Chris Luoma is a senior vice president of market management with GHX. He is an expert in the fields of healthcare technology and supply chain management.
Mark J. Masson is a partner at Axiom Consulting Partners. Prior to joining Axiom, he spent five years as a pilot plant operations leader and chemical engineering R&D scientist for Merck & Co.
Bridget Berg holds the position of principal, industry solutions within the property intelligence group for CoreLogic, where she leads the delivery of fraud risk management solutions to the mortgage industry. With more than 30 years of major financial institution experience, she has focused on all aspects of mortgage fraud, managing investigations and developing fraud risk programs and analytics.
Prior to joining CoreLogic, she was the vice president of fraud strategies at Wells Fargo Home Mortgage. She earned a bachelor’s degree in finance from the University of Saint Thomas.
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.
