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.
Leo R. Moretti, CPA, CGMA, is an assurance services partner at Top 100 Firm Marcum, based in Providence, R.I. He currently serves as chairman of the AICPA New England Peer Review in Maine, New Hampshire, Vermont and Rhode Island.
Acacia Parks, Ph.D., is chief scientist at Happify, a digital wellness company. Park’s research focuses on self-help methods for increasing happiness via books and digital technology, with an emphasis on objective and observable outcomes such as physical health indicators. She received her Ph.D. in psychology from the University of Pennsylvania, where her graduate research helped build the foundation for research on bringing happiness interventions to the general public. She regularly publishes articles in scientific journals, has edited three books and is also associate editor at the Journal of Positive Psychology. When she isn't doing research with Happify, she is an associate professor of psychology at Hiram College.
Deepen Desai is the vice president of security research and operations at Zscaler. He has more than 15 years of experience in security research and the analysis of advanced threats.
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.
