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.
J. Mark McWatters is a former chairman of the National Credit Union Administration.
Malte Pollmann is CEO of Utimaco.Malte Pollmann spearheaded Utimaco's buy-out from the Sophos Group in September 2013. Prior to Utimaco's independence, he served as vice president of business development and general manager of the company's two business units: Hardware Security Module (HSM) and Lawful Interception and Monitoring Solutions (LIMS). Previously, he was product director and business unit leader at Lycos Europe NV (a Bertelsmann company) based in Germany and Paris.
Eric Helmer is the global vice president of the Strategic Services Group for Rimini Street, where he drives technical solutions for clients around advanced security, functional services, license management advisory, technical roadmaps, assessments and cloud selection/migration services. Mr. Helmer is a seasoned IT executive with deep experience in applied technology, business strategy, corporate systems and entrepreneurship.
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.
