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.
Mike Fleck is vice president of security at Covata Limited, where he is responsible for managing and directing US operations and brand awareness, credibility and thought leadership related to data security and privacy. He joined Covata in 2017, by way of acquisition. In 2010, he co-founded CipherPoint Software and has since served as its CEO. In efforts to remove the complexity often accompanying cybersecurity, Mike is driving his clients to focus on reducing risk, not administering products. With nearly 15 years of experience in data security and encryption, Mike holds patents for transparent encryption and automated encryption key management. His vast experience with complex Fortune 500 and Federal Government environments includes leadership roles at Vormetric (acquired by Thales), High Tower Software (acquired by NetForensics), Predictive Systems (NASDAQ: PRDS), and Lockheed Martin.
Jennifer Prendki is vice president of machine learning at Figure Eight.
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.
