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.
Brian Nelson Ford currently serves as the financial well-being executive for SunTrust Banks. Brian is an accomplished and well-respected author, speaker and financial expert. In addition to The 8 Pillars of Financial Greatness, he has authored an award-winning children’s book titled Marshmallows and Bikes – Teaching Children (and Adults) Personal Finance. Brian received bachelor’s degrees in business management and marriage, family and human development. He also received a master’s degree in personal finance. Brian has delivered recent keynote addresses to a number of global Fortune 500 companies, including Home Depot, Havertys, 1-800 Contacts and Delta. In addition, Brian has been widely recognized as one of the foremost experts on the design, implementation and measurement of workplace financial wellness programs.
Brian Nelson is a recognized figure in the Bitcoin and blockchain technology ecosystem. He has presented at numerous industry events across the country on topics ranging from MSB compliance, issues with mass adoption and how blockchain technology is fueling the personal empowerment movement. He also served as a director of the National Money Transmitters Association where he helped develop digital currency initiatives. Brian is also a leading surety bond broker in the money service business space and was the first broker to bring a surety bond solution to digital currency companies. Brian is involved in multiple projects and enjoys helping both financial and non-financial organizations understand how exponential technologies like the blockchain will impact their businesses.
Nicolas Gilot is Co-CEO of Ultra.
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.
