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.
Christian Auty is a principal at law firm Much Shelist. An experienced litigator, Christian has an established reputation as a strong client advocate and is well-versed in issues on the intersection of law and technology, including data privacy and data breach response, electronic discovery, data storage and retention practices and information governance.
As Chief Technology Officer, Roi leads OpenLegacy’s research and development activities in creating the first microservices-based API integration and management platform. Roi brings a deep understanding and over 15 years of proven experience successfully leading large projects in Java, web, mobile, cloud, cyber security, and legacy modernization. At Software AG, he managed technology, infrastructure and methodologies in the company’s Israeli R&D lab. He also established a cyber solutions group at Intellinx, and earlier in his career, he spearheaded complex modernization projects worldwide for Sabratec.
Tim Grabacki is the director of product management at Cummins Allison.
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.
