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.
Mark Forrest is chief executive officer of Befine Solutions AG and its U.S. subsidiary Cryptshare, a secure communication solution for the exchange of business sensitive information.
Vicente Diaz joined Kaspersky Lab’s Global Research & Analysis Team in November 2010. As a principal security researcher, he specializes in threat intelligence and malware research. Vicente is the author of several software tools and is active on the conference circuit, both as an organizer and speaker. He was a member of the advisory board for the Source Conference and is a co-founder of Edge –Security, a security group dedicated to research and the organization of non-profit events.
Jeffrey Shood is founder and CEO of Intuvo, a firm that helps its customers boost their lending business by automating the analysis of their customer base and then triggering personalized marketing via email, direct mail and sales force automation.
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.
