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.
Laurent Descout, CEO and co-founder of Neo, is a serial fintech entrepreneur and investor. Previously he has been financial advisor in asset-structured finance for more than 10 years.
Mathias Imbach is the co-founder and group CEO of Sygnum. Prior to Sygnum, he was general manager at RNT Associates, where he led multiple venture capital and private equity investments and participated in blockchain and DLT-related equity deals globally. Mathias started his career at Bain & Company where he led advisory projects for private equity funds, family offices and technology companies. He holds a Ph.D. from the University of St. Gallen and a Master of Science from the London School of Economics, or LSE.
Denise Tyson is the current founder and CEO of Schaefer City Technologies, an award-winning, innovative insurtech company delivering software solutions to help insurance and reinsurance companies and their defense counsel spot and avoid Nuclear Verdicts®. She holds extensive experience in the insurance industry, including insurtech start-ups, mergers/acquisitions, reorganizations, and financially challenging situations.
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.
