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.
Jesse Kallman is an expert in the drone and software industry with more than 13 years of related experience. He has worked in various parts of the industry including research at Georgia Tech, federal policy at the FAA, and advocacy with groups like AUVSI. He is president of Atlanta-based, Airbus-backed company, Airbus Aerial.
Laura Keller is senior director of customer experiences for NTT DATA Services with more than 15 years of experience dedicated to customer experience and people-centered design, Keller is an advocate for designing intuitive and meaningful, end-to-end experiences with business impact in the financial services and insurance sector. Keller has presented at UxPA, IxDA, Service Design Network (SDN) Conferences and has written for UX Matters, Communication Arts and SDN’s Touchpoint Journal.
Joelle Kaufman is the chief marketing officer of Dynamic Signal, an employee communication and engagement platform. With more than 20 years of executive level business development, strategy, marketing, product management, sales and communications experience, Joelle has led teams in media, enterprise technology and consumer internet companies.
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.
