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.
Ingo Bednarz advises Devo (www.devo.com) as its corporate counsel. Following a tenure with Willkie Farr & Gallagher LLP in Frankfurt, Germany, Ingo has managed the legal and compliance departments of several portfolio companies of Insight Venture Partners throughout Europe and the US.
Nathan Solheim is a Denver-based freelance writer.
David Mayer, CPA, is the national director of Engineered Tax Services. He works closely with the business development team and their CPA partners nationally in connection with ETS’s R&D Tax Credit Services. For the past decade, Mr. Mayer has worked with hundreds of CPAs across the country to assist their clients to claim millions of dollars in R&D tax credits. He has over 20 years of experience providing tax, mergers and acquisitions, and operational consulting services to corporations, partnerships and individuals throughout the U.S. Mr. Mayer has over 15 years of federal and state R&D tax credit experience. He has presented the R&D tax credit at various industry association functions – including the annual AICPA national conference on federal taxes in Washington D.C. Mr. Mayer is a Certified Public Accountant and a former Chairman of the M&A Tax Committee for the NYS Society of CPAs, Manhattan chapter. He is also a member of the AICPA and Beta Gamma Sigma. Mr. Mayer holds a Master in Taxation degree from Bentley College, graduating with high distinction. He also holds a B.S. in accounting from Fairfield 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.
