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.
Justin Lie is CEO of CashShield.
Sandy Steier is chief executive officer at 1010data.
Christopher Condo serves Application Development & Delivery (AD&D) Professionals. He is part of Forrester's AD&D coverage of DevOps tool chains, focusing on continuous integration (CI) and continuous delivery (CD) as well as software development strategies for enabling those strategies.
Previous Work Experience
Prior to his current role as an analyst, Chris was the engineering manager for the enterprise web applications team for Altran North America, where he oversaw and led the development of enterprise applications in the medical device and automated warehousing industry. Chris led a team of 10 software engineers, developed proposals, led estimation efforts, led resourcing efforts (including offshore), and also pitched in as an individual contributor. Chris has firsthand experience of developing software using agile practices and helping clients migrate to CI and CD methodologies as well as migrating to the cloud.
Prior to Altran, Chris was a senior development engineer at Microsoft for 13-plus years, working in the SaaS space starting with the Microsoft bCentral suite of online eCommerce tools targeted at small to medium businesses. Chris went on to lead software development efforts for the Office Live product suite, developing CRM and eCommerce platforms for Microsoft's growing online customer base. With Office 365, in addition to feature development, Chris worked on early tool chains that enabled global configuration and secure cloud deployments prior to their mainstream existence on the Azure platform. He also performed research and development on components to limit the impact of DOS attacks.
Before Microsoft, Chris held senior software engineering roles at FASTech, M/A-Com, and Digital Equipment Corp.
Education
Chris graduated from UMass Lowell with a B.S. in computer science. Chris is an active member of UMass Lowell Computer Science Industry Advisory Board.
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.
