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.
Dr. Armen Kherlopian is chief science officer in the Analytics & Research practice at Genpact, a global leader in digitally-powered business process management and services. He has provided high impact data science advisory services for Global Fortune 100 companies and government organizations such as NASA.He is a co-author of the "Field Guide to Data Science," which has been downloaded more than 15,000 times. Dr. Kherlopian is a Lindau Nobel Laureate Fellow, and holds a B.S. and M.S. in biomedical engineering with a focus on algorithms from Columbia University, a Ph.D. in biophysics with a focus on machine learning from Cornell University, and completed a fellowship in high performance computing at Princeton University.
Kevin Petrie is a senior director at Attunity and author of Streaming Change Data Capture: A Foundation for Modern Data Analytics.
Norbert Monfort is vice president of IT transformation and innovation at Assurant, which specializes in risk management. He is also an adjunct professor at Florida International University, where he teaches IT-related subjects.
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.
