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.
Sean Ventura is chief information security officer at Atmosera.
Rich Gardner is principal security architect at XM Cyber. He has over 20 years of IT experience, with the last 19 years focused on InfoSec and helping telecommunications companies and financial services industry leaders in developing infrastructure and public cloud security architectures and approaching security needs with defense and offensive mindset. Prior to XM Cyber, Rich got his start in information security in 2000, at Global Crossing as a senior security architect. He also worked as a senior security consultant and architect for AT&T, consulting with customers like BNY Mellon, State of Texas, City of LA, ABC Broadcast, and Disney on several large and complex security solutions. Rich has his CISSP, CISM, CGEIT, AWS-SAS while currently pursuing other security certifications. In his spare time, Rich is a black belt in Japanese Jiu Jitsu and is a blue belt in Gracie Jiu Jitsu.
Mathias Golombek is chief technology officer at Exasol.
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.
