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.
Mark Rieder serves as Head of Innovation at NFP, where he has spent over 15 years driving strategic technology and benefits administration solutions. With three decades of experience in the insurance and employee benefits industry, Mark's expertise spans the full lifecycle of insurance and benefits delivery, positioning him as a trusted advisor in navigating the evolving landscape of insurance advisory and benefits administration. He helped launch NFP's Innovation efforts, authored multiple articles and white papers, regularly speaks at industry events, and sits on a number of HRTech/Insurtech advisory boards.
Alphonso David is a civil rights attorney and the president and CEO of the Global Black Economic Forum.
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.
