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.
Stephanie Ericksen is vice president of identity and risk products for Visa.
Amandeep is chief executive officer and co-founder at Okera, which he launched in 2016 with CTO and co-founder Nong Li. While supporting customer cloud initiatives at Cloudera and playing an integral role at AWS on the Elastic MapReduce team, Amandeep oversaw some of the industry’s largest big data implementations. After witnessing first-hand the challenges companies faced in adopting big data technologies, especially in the cloud, he founded Okera to empower all users with easy data access through a unified, secure and governed platform across heterogeneous sources.
Lisa Froelings is a business and productivity consultant.
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.
