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.
Sastry Malladi is chief technology officer at FogHorn Systems.
Pedram Abrari, CTO at Pramata, is a technology services veteran, having spent decades in software development, from hands-on technical work to engineering team building and leadership. Most recently, he led the research and development and cloud operations teams at Tidemark as VP of Engineering. Previously, Abrari led similar efforts for Neil Young's company PonoMusic and Progress Software. Abrari also founded his own company, Corticon Technologies, Inc., which he oversaw for over a decade. He graduated from UCLA with a BS in Computer Engineering, and received a Master's in Computer Science from USC.
Richard Blahunka, CBIP, has over 25 years of business intelligence and analytics experience specializing in architecture, product management, project management, governance, and strategic thinking -- predominantly in Fortune 500 companies, including Lockheed Martin, FedEx, MCI, Entergy, SAS, and NCR -- within military, utility, airline, telecommunications, banking, manufacturing, and education industries. He is currently an Enterprise Architect for data management and enterprise analytics at Entergy Corporation based in New Orleans, and can be reached at rblahun@entergy.com orrickblahunka@yahoo.com.
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.
