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.
Ken Hosac is the vice president, IoT strategy at Cradlepoint. Ken is responsible for driving strategic industry partnerships to accelerate the company’s market growth and leadership. As part of the leadership team since 2009, Ken has helped drive Cradlepoint’s growth and development through roles in strategic planning, product management, solution strategy and thought leadership. Ken frequently represents the company at industry conferences and events, and served on the original Advisory Board for the IoT/M2M Evolution Magazine. Ken has 25 years of experience in marketing, sales, R&D and manufacturing. Ken holds a B.S. degree in electrical engineering and an M.S. degree in manufacturing engineering, both from Stanford University.
Ben Taatjes is CEO and founder of Taatjes Financial Group, a member of the HD Vest Financial Services network.
Jim Wells spent over 30 years in the financial industry, in the U.S., U.K., Canada, Africa and the Middle East, most of it expanding access to financial services for consumers of modest means unserved, underserved or ill served by banks.
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.
