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.
Usama Shamma is a senior program manager / chief data architect for Ejada Systems Co. Ltd. with over 18 years of experience spearheaded the success of multimillion-dollar projects for major clients spanning multiple industries mainly banking and telecom industries. He is a North America and EMEA 2014 & 2015 PMI global congress subject matter expert, and a public technical speaker at international events. He holds a Bachelor degree in computer science. He holds many professional certificates and has been published in a number of publications. Contact him at usama.shamma@gmail.com.
Gary Tyreman brings more than 20 years of executive leadership to his role as the president and chief executive officer at Univa Corporation. As CEO, he leads all of Univa's global operations and is the architect of Univa's data center automation strategy, which combines the deep expertise of Grid Engine with Univa's solutions for optimizing and managing IT workloads including containers. Gary has established Univa as a recognized software provider to hundreds of Fortune 1000 companies in multiple industries. Prior to taking this role, Gary was SVP of products and alliances at Univa.
Michael Ryan is a partner at McDermott Will & Emery.
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.
