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.
Alex Preece is the CEO & co-founder of Tillo.
As Lifesum's Workplace Well-being Director, Wesleigh is dedicated to expanding partnerships and scaling Lifesum's corporate wellbeing solution, Lifesum for Work.
Wesleigh brings extensive experience from the health and wellbeing industry. She has contributed to Amazon Alexa's Health and Wellness team, led customer success and channel sales for a workplace mental wellbeing solution, spent many years focused on fitness-industry advertising sales, and scaled Twitter's internal wellbeing program.
Passionate about increasing access to wellbeing practices for underserved younger generations, she serves as Board Chair for the Los Angeles chapter of Girls on the Run, a US-based nonprofit organization.
Mykhailo Iakovenko is the CEO and co-founder of Canonical Labs. He has extensive experience leading fraud prevention and mitigation strategies at leading financial technology companies. With a deep understanding of the evolving landscape of financial fraud, Mykhailo is dedicated to developing innovative solutions to protect the financial ecosystem.
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.
