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.
Bruce Lowthers serves as chief operating officer of integrated financial solutions at FIS.
Will Mitchell is co-founder and CEO of Contract Simply, a construction payments platform. As a former real estate developer, he oversaw $400M of construction loans while developing nearly 800 homes and millions of square feet of commercial real estate space.
Jason Collier is co-founder of Scale Computing, a market leader in hyperconverged solutions. Previously, Collier was vice president of technical operations at Corvigo where he oversaw sales engineering, technical support, internal IT and data center operations. Prior to Corvigo, Collier was vice president of information technology and infrastructure at Radiate. There he architected and oversaw the deployment of the entire Radiate ad-network infrastructure, scaling it from under one million transactions per month when he started to more than 300 million at its peak.
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.
