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.
Charlie Sidoti, Executive Director, InnSure
Neela Hummel is co-CEO of Abacus Wealth Partners, an RIA that manages over $3 billion.
Starting as an unpaid intern in 2009, she helped grow a values-aligned firm that aims to democratize financial advice, empower consumers with financial education and help clients align their investments with their societal values. She is a CFP and is one of Investment News' "40 under 40," an industry speaker, author and co-host of the "If Money Were Easy" podcast."
Henry Yoshida is founder CEO and co-founder of Rocket Dollar.
He is a successful entrepreneur, CFP practitioner and licensed real estate agent. Previously he founded venture capital-backed robo advisor retirement plan platform Honest Dollar (acquired by Goldman Sachs); was the founder of MY Group (acquired by CAPTRUST), a $2.5 billion assets under management investment firm; and was a vice president at Merrill Lynch.
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.
