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.
Martha Salinas is a senior vice president at Multi Service Technology Solutions
Dr. Jans Aasman is chief executive officer of Franz Inc., a supplier of graph database technology for the Semantic Web. Dr. Aasman's previous experience and educational background include: KPN Research, the research lab of the major Dutch telecommunication company; tenured professor in industrial design at the Technical University of Delft. Title of the chair: Informational Ergonomics of Telematics and Intelligent ProductsCarnegie Mellon University; visiting scientist at the Computer Science Department of Prof. Dr. Allan Newell; rsearcher at the Traffic Research Center of the University of Groningen (The Netherlands); eperimental and cognitive psychology at the University of Groningen, wwith specialization in psychophysiology and cognitive psychology.
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.
