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.
Tony Paine is chief technology officer at Industrial Automation for PTC.
Claudia Johnson is a cloud tehnologist at Oracle Corp.
Chris Brown’s 14-plus-year career in critical facilities includes analyzing requirements, retrofitting existing systems, performing capacity planning, and implementing new facilities design. He has experience managing the operation and maintenance of critical facility infrastructure, managing maintenance personnel and creating preventive maintenance programs. With more than 11 years in data center design and operation industry, he also has valuable experience in the areas of engineering design, equipment selection, installation and troubleshooting.
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.
