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.
Adi Dar, CEO and founder, is an experienced cybersecurity leader and chief executive who has repeatedly lead the development and launch of successful products and services in highly competitive markets. Previously, as CEO of ELOP (Israel’s largest Electro Optics company), Dar led the company’s growth to over $500M annual revenues. During this 6 year period, Dar also served as an Executive VP at Elbit Systems, Israel’s largest defense company. Prior to that he was the VP of Business Development and Sales at ELOP. Before ELOP, he founded the Intelligence and Cyber division at Elbit and was at the helm for 2 years. Prior to his positions in Elbit Systems he was the vice president of business development and marketing at Elron Telesoft Ltd. Dar holds a holds a B.Sc. in industrial engineering from the Technion and an MBA from Tel Aviv University.
Jim Scully is Leapgen’s HR Delivery Transformation practice leader. He has spent the last 22 years in the field of HR service delivery, both as a consultant and corporate practitioner. Scully’s primary focus is designing and implementing HR service delivery models that achieve business results through technology-enabled process excellence. Scully was the founder of the HR Shared Services Institute (HRSSI); the services of which are now a part of Leapgen. This post originally ran on Leapgen’s blog page.
Arthur J. Radin, CPA, is a partner emeritus of New York-based accounting firm Janover.
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.
