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.
Kelly Stirman is the vice president of strategy at Dremio. In this capacity, he oversees the planning, development and execution of Dremio’s strategic initiatives that are centered on messaging, brand awareness, customer satisfaction and business development. Previously he was VP of strategy at MongoDB where he worked closely with customers, partners, and the open source community. For more than 15 years he has worked at the forefront of database technologies. Prior to MongoDB, Kelly served in executive and leadership roles at Hadapt, MarkLogic, PeopleSoft, GE, and PricewaterhouseCoopers.
Blake Wood is senior VP and director of Product Strategy at Envestnet.
Graham Templeton is a Vancouver-based science and technology journalist specializing in frontier scientific research, security and the intersection of technology and social change. Areas of specialization include biology and biotechnology, astrophysics and astronomy, security and encryption, machine learning and artificial neural networks, privacy and tech law and more.
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.
