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.
Crystal Valentine is vice president of technology at MapR Technologies.
Todd Inskeep is an RSA Conference Advisory Board member and principal at Booz Allen Hamilton. He has over 30 years of security leadership experience. He focuses on applying leading-edge technologies to solving business problems, building solutions that bridge technology and business. His broad experience includes six months as CISO for a client company, leading information/cyber security program assessments at regional and global companies including oil & gas, hi-tech & global manufacturing, and financial services. Prior experience includes both technology and business leadership including multi-channel consumer banking security & fraud protection, security and identity architectures, and operations. Todd started his career at NSA, working on radio and computer security systems, and holds both a BSEE and an MS in strategic intelligence.
David Wagner has more than 25 years of experience in the IT security industry. He serves as the President and Chief Executive Officer of Zix, a company specializing in email security, and previously held leadership roles at Entrust for 20 years.
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.
