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.
Arshad Noor is the chief technology officer at StrongKey, a Silicon Valley and Durham, NC based company focused on securing data through key management, strong authentication, encryption and digital signatures. He has 32 years of experience in the Information Technology sector, of which, more than 19 were devoted to designing and building key-management infrastructures for dozens of mission-critical environments around the world. He has been published in periodicals and journals, as well as authored XML-based protocols for two Technical Committees at OASIS and represents StrongKey at the FIDO Alliance. He is also a frequent speaker at forums such as RSA, ISACA, OWASP and the ISSE. He can be reached at arshad.noor@strongkey.com.
Aniruddh Parmar is blogger and software analyst at SoftwareSuggest. He loves to dig deep into various ERP software, HRMS systems and payroll software.
Tom Scott is chief financial officer for HSTpathways.
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.
