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.
Kim Silva has more than 25 years of combined accounting and teaching experience. In addition to her undergraduate degree in accounting, she has a MS in financial crime and compliance management, and is a doctoral candidate (ABD) in management. She recently founded Essential Business Education, and currently is a visiting assistant professor of practice in accounting at Babson College in Wellesley, Massachusetts.
Reach her at hello@essentialbusinessedu.com or via LinkedIn.
Priya Krishnan, chief digital, and transformation officer at Bright Horizons has a storied background as an entrepreneur who founded India's leading child care and schooling service provider with more than 150 company-owned, company-operated centers across the country. At Bright Horizons, she leads all client relationships for the US, International M&A, and innovation projects. Priya joined the Bright Horizons family after founding and running KLAY, a high-quality childcare organization, which has grown to become India's largest childcare company.
Michal Katz is head of investment & corporate banking at Mizuho Americas.
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.
