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.
Thomas Curry is a partner in Nutter’s Corporate and Transactions Department and a co-leader of the firm’s Banking and Financial Services group. He advises clients in a wide range of policy, regulatory, governance and other matters. He chairs the Milken Institute’s Fintech Advisory Committee. Before joining Nutter, Curry served as the U.S. comptroller of the currency until May 2017. He most recently served as an expert consultant for the International Monetary Fund.
Anurag Kahol is CTO of Bitglass.
Amy DeMartine is a principal analyst at Forrester Research. She helps security and risk professionals transform their current software and application security practices to support continuous delivery and improvement, focusing on strong partnerships with application development, operations, and business teams. Her research covers topics such as proactive security design, security testing in the software delivery life cycle, protection of applications in production environments, and remediation of hardware and software flaws.
Previous Work Experience
In her previous role at Forrester, Amy served infrastructure and operations professionals, covering the strategy, design, organization, and implementation of modern service delivery, including continuous delivery, DevOps, and SecureOps. She has more than 20 years of experience in product management, product and technical marketing, development, and operations roles. Her previous experience includes positions at BMC and HP, where she was responsible for driving IT management software products from conception through the product life cycle, all with the purpose of enabling technology professionals to solve their most pressing issues.
Education
Amy holds a master's degree in telecommunications and a bachelor's degree in electrical and computer engineering from the University of Colorado.
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.
