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.
Nimish Patel is a vice chairman at the law firm Mitchell Silberberg & Knupp LLP and is based in the Los Angeles office. His primary focus is corporate and securities laws. He is well versed in drafting complex business transactional documents and securities offerings. Mr. Patel's experience includes mergers and acquisitions for private and public companies, angel and venture capital financing, IPOs, Secondary Offerings, cross border transactions and other financing and corporate restructurings. Mr. Patel currently advises early stage companies as well as publicly traded exchange listed companies on corporate governance and regulatory filing requirements with the Securities and Exchange Commission. He also focuses on crypto assets and blockchain technology.
Alexandra Damsker is a blockchain entrepreneur and adviser who previously worked as corporate and securities attorney.
Carolyn Crandall is chief deception officer for Attivo Networks, a network security services firm.
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.
