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.
Srinivas TK is director of the Global Technology Office at Cognizant. Srinivas is responsible for increasing mindshare of the emerging technology work done in GTO and its labs, thought leadership dissemination, and managing the showcase center for GTO where emerging technologies are displayed in action.
Aan Chauhan is the chief technology officer at Cognizant Technology Solutions. He is responsible for spearheading technology excellence throughout Cognizant. Aan also drives the company’s emerging technology agenda through its Global Technology Office (GTO), overseeing pioneering work in such areas as cognitive computing, artificial intelligence and machine learning, human computer interaction, connected ecosystems, hyperscale computing, quantum computing and robotics and intelligent automation.
Nick Belov is chief information security officer at CGS, a business applications, enterprise learning and outsourcing services company.
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.
