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.
Ran Harpaz is founder and CEO of Lettuce Financial, an AI-powered operating system built for solopreneurs.
Whitney Stidom is vice president of employer enablement at eHealth, a leading online health insurance marketplace that helps consumers confidently navigate their health benefit decisions.
Kim Johnson is the Senior Vice President of Customer at Hi Marley, where she leads the company's customer strategy and ensures that the carrier voice is embedded into the company's product and service offerings. With over 20 years of experience in the insurance industry, Kim has a proven track record in customer experience (CX) strategy, technology, and driving large-scale transformation initiatives. Prior to joining Hi Marley, Kim held senior leadership roles at Liberty Mutual Insurance, where she led CX strategy and managed software product development for servicing and claims. She also spent significant time at Allstate Insurance, working across Technology, Human Resources, and Claims. Kim began her career at Accenture, specializing in change management and consulting for financial services.
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.
