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.
Michael F. Angelo CRISC CISSP, is a chief security architect at Micro Focus. Michael is active in the security community and participates in numerous international and national advisory councils. Currently, he chairs the ISSA International Webinar Committee, is a technology contributor to the BIS ISTAC and has been the co-chair of a working group striving to change the current security export regulations. Michael has also been on the RSA international symposia committee. He has also been a featured speaker at national and international security conferences, including RSA, ISSA, and InfoSec. Michael currently holds 63 US patents, with the majority being in the area of security and authentication; he is a former Sigma-Xi distinguished lecturer. Mr. Angelo was also recognized as Inventor of the Year for the City of Houston and received a TCPA lifetime achievement award. Michael is an ISSA Fellow and was named to the ISSA Hall of Fame.
Phil Klein is a partner with Capco’s wealth management practice.
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.
