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.
Daniel S. Alter is a shareholder in the New York office of Murphy McGonigle P.C. specializing in fintech regulatory matters and was the former general counsel of the New York State Department of Financial Services.
Strong will oversee sales of the company’s digital marketing services
Nate Fleming works as an analyst at Forrester Research on the CIO team, covering software and services that enable the product development organization. He writes research for business-minded CIOs, CTOs, VPs of product development, and VPs of engineering who are seeking software and services support in an era of democratized product development that requires modern product development methodologies, cross-functional collaboration, as well as data-driven processes and product design. Nate has done extensive research, inquiry, and advisory covering the dynamics of the product lifecycle management (PLM) software market and the software product development services market, rounding out a coverage area that seeks to enable stakeholders bringing both physical and digital products to market.
Nate’s recent research at Forrester focuses on the democratization of the PLM software space, including a TechRadar™ that covers the range of technology functionalities that comprise the PLM software suite today and over the next five years. His software product development services coverage includes a Forrester Wave™ evaluation that outlines how services partners are helping customers implement customer-facing digital platforms that put software at the center of their brand. These two spaces coalesce in Nate’s research on the convergence of physical and digital product development and what that means for organizations looking to create or integrate with internet-of-things (IoT)-enabled products.
Previous Work Experience
Prior to becoming an analyst, Nate was a researcher and senior research associate on the application development and delivery (AD&D) and CIO teams.
Education
Nate holds a B.A. in history from Ithaca College.
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.
