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.
Stephan Chenette is the chief technology officer and a co-founder of AttackIQ, responsible for technology strategy and vision. Stephan launched AttackIQ in 2013 as the first open platform in the emerging market of Continuous Security Validation and has held several roles and responsibilities during that time. Stephan is a frequent speaker on risk, threats, metrics, security technologies, and other topics.
Ariel Procaccia is an associate professor in the Computer Science Department at Carnegie Mellon University. He is also affiliated with the Machine Learning Department, and a member of the theory group and the ACO program.
Patrick Villanova is the chief accounting officer at BlackLine, a provider of automation solutions for finance and accounting. He joined BlackLine in November of 2015 after an extensive career in public accounting. Prior to joining BlackLine, he served almost 16 years at PricewaterhouseCoopers.
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.
