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.
Jonathan Dixon is a solution architect at Datawatch, helping ro implement new line-of-business applications. Prior to Datawatch, Jonathan was a database consultant for Ernst & Young and a business intelligence analyst for RBS Markets & International Banking. He holds a master’s in electrical engineering from King’s College in London.
Mark Mele is vice president at Casetabs, which offers cloud-based surgery coordination technology. He has 15 years of sales and marketing experience in medical devices, working for ConMed, Biomet and NuVasive.
For more than a decade, Joe Marullo has been helping companies mine and utilize data analytics to support strategy development and operational planning and execution. At Zillion, he aims to help customers improve health outcomes and reduce related costs. A former director at John Hancock, Joe previously served as an Intelligence Officer in the U.S. Army and is a graduate of West Point with an MBA from Boston College.
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.
