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.
Miika Mäkitalo is chief executive officer at M-Files and is responsible for ensuring the strategy, goals, targets and plans are carried out within the organization. In addition, he manages legal affairs and human resource activities for M-Files. Prior to M-Files, Miika held top management positions within the government of Finland and in various governmental agencies. Most recently, Miika served as transportation director in the Finnish Transportation Agency. His responsibilities included managing large national IT systems and projects, creating and executing strategies and processes and managing an annual budget of close to $100 million. Miika has a PhD in industrial engineering and management.
Pat Kinsel is the CEO and founder of Proof, which provides identity verification services.
Steve Cochran is chief technology officer of GHX.
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.
