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.
Mr. Belinsky joined Frasca & Associates in 2011 and has more than 30 years of government and finance experience, specializing in financial, strategic, and transactional advisory for airports and infrastructure development projects. Mr. Belinsky currently leads Frasca’s P3 financial advisory efforts. Mr. Belinsky had a significant role in the LaGuardia CTB $4 billion Replacement Project for Frasca.He is advising the Los Angeles World Airports on its $5.5 billion P3 Landside Access Modernization Program, the San Diego Regional Airport Authority on its new FIS facility and ADP project. He has advised the City of Kansas City ATAG committee on future Terminal development at MCI.As part of these projects, Mr. Belinsky has reviewed and evaluated capital programs, financing structures and assisted in the development of alternative financing structures as well as the procurement process.
Ash Shilkin is president of Ivy
Peter Weill is a senior research scientist and chair of the Center for Information Systems Research (CISR) at the MIT Sloan School of Management.
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.
