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.
Rob Barras, vice president of health solutions at CTG, is a 25-year veteran of the healthcare IT and consulting industry a role in which he has helped hospitals, physicians groups, and payers solve IT and business problems.
Anant Kale is CEO of AppZen, where he is responsible for development of the company’s product vision, building the team and execution. Anant has more than 15 years of experience in developing complex software. Prior to AppZen, he served as vice president of applications at Fujitsu America, where he was responsible for strategy, product management and delivery of Fujitsu’s mission critical applications and infrastructure for enterprise, mobile and commerce. Anant earned an MBA from the University of Mumbai in Finance and a Bachelors Degree in Engineering.
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.
