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.
Steve Cover is Chief Technology Officer at iPipeline. In this role, he oversees the technology strategy for the organization and ensures that iPipeline's technological infrastructure supports the company's growth and objectives. In addition, he will focus on the continued differentiation within iPipeline's product portfolio, and improve quality, testing, and delivery.
Bobby Puglia is chief product officer at Bloomberg Industry Group, where he oversees Bloomberg Law, Bloomberg Tax, and Bloomberg Government. Prior to his current role, he served as architect of Bloomberg Law's data platform, leading the strategy and development of its proprietary legal search engine, as well as the machine learning and artificial intelligence research and engineering organizations that support Bloomberg Industry Group's products.
Blaine Frederick is VP of Product at Alcatraz AI, an artificial intelligence company that employs facial authentication technology to create autonomous access control solutions for enterprises. Frederick brings 20+ years of experience in the Physical Security industry with specific expertise in the Biometric space. Frederick currently serves as the VP of Product at Alcatraz AI where he leads the Product and Engineering teams. Prior to his work at Alcatraz AI, he served as Co-Founder and Principal of BDIS which provides Consultation and Professional Services for the physical security market. Previously, Frederick held the role of VP of Product for EyeLock, where he captained the firm's vision for iris authentication products and solutions in physical and logical security as well as numerous other commercial applications. Frederick also acted as the former Director of Product Management at STANLEY Security, a global division of Stanley Black & Decker where he led the creation of an industry-leading security management software suite, Commander. He received a B.S. in Electrical Engineering from Purdue University.
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.
