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.
Phil Zongo is an experienced head of cybersecurity, strategic advisor, author, and public speaker. He is the 2016-17 winner of the ISACA’s Michael Cangemi Best Book/Article Award, a global award that recognizes individuals for major contributions to publications in the field of IS audit, control and/or security.
In 2016, Zongo won ISACA Sydney's first Best Governance of the Year award, a recognition for the thought leadership he contributes to the cybersecurity profession. Over the last 14 years, Zongo has advised several business leaders on how to cost-effectively manage business risk in complex transformation programs. Zongo regularly speaks at conferences on disruptive trends, such as cyber resilience, blockchain, artificial intelligence and cloud computing.
Srinivasa Gopal Sugavanam is associate vice president, Data & Analytics Practice, at Infosys.
Joel Gleason is senior vice president of provider health solutions at Cognizant Healthcare, a business unit of Cognizant, a company that provides technology solutions and services to many industries, including healthcare.
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.
