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.
Andrew Szala is a content specialist at Upserve.
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Glenn O'Donnell serves Infrastructure & Operations Professionals. He is widely regarded as a top thought leader in IT service management, IT operations, and the broader social implications of technology evolution. Glenn's specialties are in data center automation and operational excellence. He is the co-author of The CMDB Imperative, a book on configuration management database (CMDB) best practices.
Previous Work Experience
Prior to joining Forrester, Glenn was a major force in transforming EMC's resource management software business as a marketing lead and strategic contributor. He is also a former IT operations analyst at Meta Group. Most of Glenn's career encompassed 21 years in various companies within the Bell System, including Western Electric, Bell Labs, AT&T, and, finally, Lucent Technologies, where he held increasingly influential roles in technology development, IT operations, and enterprise architecture.
Education
Glenn studied electrical engineering at Lincoln Technical Institute and computer science at Moravian College.
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.
