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.
Joe Salesky is CEO of CRMNEXT, the largest global provider of CRM in financial services, where he is responsible for the company’s entry into the U.S. market. A seasoned expert in software and financial services, Joe has spent more than 25 years developing and delivering disruptive technology-enabled solutions. He holds 21 patents on technologies currently used by both consumers and large enterprises, including mobile banking and the original patent for web-conferencing. A luminary in his space, Joe has deployed mission critical systems at more than half of the Fortune 500 companies and is a respected speaker at industry and media events. He has been quoted in leading national, international and industry publications and has led his companies to achieving numerous prestigious awards.
CJ Aberin is a principal at KBKG and oversees the Green Building Tax Incentive practice. Over the last several years, He has performed Green Building Tax Incentive studies and cost segregation for clients in various industries that range from Fortune 500 companies to individual real estate investors. Aberin is accredited to certify energy efficient tax credits and is one of the first professionals in the country to earn the highest level of industry certification in cost segregation. He currently co-chairs PrimeGlobal’s Construction & Real Estate Group, which has over 200 members.
Gary Hecht, Ph.D., is associate professor of accountancy and PwC faculty fellow in the Gies College of Business at the University of Illinois at Urbana-Champaign, as well as an instructor on Coursera. Gary primarily teaches managerial and cost accounting, Ph.D. research seminars, and accounting analytics courses. Gary’s primary research interests include subjective performance evaluation and strategic performance measurement systems.
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.
