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.
Anant Jhingran is chief technology officer, Apigee, at Google Cloud. He was previously an engineer, VP and CTO for IBM's information management division. He has also been the director of computer science at the IBM Almaden Research Center and senior manager for e-commerce and data management at IBM's T. J. Watson Research Center.
Jerry Melnick is president and chief executive officer at SIOS Technology, where he is responsible for directing the overall corporate strategy and leading the company’s ongoing growth and expansion. Jerry has over 25 years of experience in the enterprise and high availability software markets, including as CTO at Marathon Technologies, along with executive positions at PPGx, Belmont Research and Digital Equipment Corporation. Jerry holds a Bachelor of Science degree from Beloit College with graduate work in computer rngineering and computer science at Boston University.
Michael Endler is head of editorial for Apigee at Google Cloud.
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.
