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.
Brian Martin is a director of technology and cognitive architecture lead in Publicis.Sapient’s AI and data practice. A resident of the Chicago area, he specializes in system and solution architecture to support emerging technologies like AI, blockchain, IoT and quantum computing. Brian works across brands within the Publicis Groupe and provides expertise to clients in a broad portfolio of sectors, including entertainment, CPG, financial, regulatory and healthcare/pharma.
Rashed Haq is the global head of AI, robotics and data and group vice president at Publicis.Sapient. Over the past 20 years, Rashed has helped companies transform and create sustained competitive advantage, through innovative applications of artificial intelligence, dynamic optimization, advanced analytics and data engineering. Prior to joining Sapient, Rashed worked in Silicon Valley startups and has done research in theoretical physics at the Los Alamos National Lab and the Institute for Theoretical Science. His research included gravitation and black holes, astrophysics, quantum computing and quantum cloaking.
Charles Kolstad is a partner in the Los Angeles office of the international law firm Withersworldwide. He assists clients in tax and corporate planning relating to the acquisition, disposition and restructuring of businesses, corporations and partnerships both domestically and internationally. He frequently advises foreign individuals moving to the U.S. on pre-immigration, income, gift and estate tax planning opportunities. He also focuses his practice on the cannabis industry/cannabusiness, crypto assets and block chain technology, and tax issues related to initial coin offerings.
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.
