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.
Jeffrey McNeal, an enrolled agent, has been involved with tax resolution since 2010. He previously worked as a senior revenue officer in the Internal Revenue Service’s Small Business/Self Employed division, within the Houston, Texas territory. He was tasked with coaching other revenue officers in correct procedure adherence, application of directive and policy statements, along with developing templates and tools as part of the ongoing territory quality improvement. Currently, he serves as the product manager for Canopy’s post-filing product, which includes tax resolution, notices, transcripts and CPE.
Martijn Grooten had been an academic mathematician when, by chance, he found himself working in security in 2007. He has not regretted this move since. He is the current Editor of Virus Bulletin and is regularly quoted in the media as an experts on a wide range of aspects of cyber security, from malware to cryptography to email security. He has also spoken at various security conferences including RSA, Botconf and TROOPERS.
As co-founder and CEO of AccountantsWorld, Dr. Chandra Bhansali has been serving the accounting profession for the past 35 years. He is recognized throughout the accounting industry as a pioneer in developing cloud technology for accountants. A thought leader on best practices for accounting firms, Dr. Bhansali has authored numerous articles and whitepapers, and he is frequently featured in professional accounting publications as an expert on the implementation of leading-edge technology into accounting practices. He has been consistently named one of the Top 100 Most Influential People in Accounting by Accounting Today magazine for the past decade.
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.
