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.
Timothy Keith is the founder and CEO of Propense.ai.
N Shashidhar is an accomplished VP and Global Platform Head of AssistEdge with an illustrious tenure spanning more than 25 years in the software industry. Not only is he a founding member of EdgeVerve, but he also had the distinction of being a part of the vanguard team that conceptualized and established EdgeVerve as a dynamic product subsidiary of Infosys. Shashidhar's diverse experience in product and platform domains is unparalleled. Throughout his career at Infosys, he has donned various influential roles gracefully, showcasing his expertise across Technology, Client Engagement, and Functional Leadership sectors. Passionate about Strategy and Business Transformation, Shashidhar has left indelible footprints in the sands of business architecture. His remarkable contribution in transforming the Engineering Business and, later, during the nascent stages of Infosys's Products & Platforms business speaks volumes of his strategic acumen and leadership skills. As the Head of Strategy and Operations for the Edge Portfolio, he was at the helm of transforming EdgeVerve. His relentless pursuit of refining the EdgeVerve portfolio strategy has been pivotal in the organization's evolution. Academically brilliant, Shashidhar was bestowed with the University Gold Medal in Engineering. He also holds an MBA from the prestigious Indian Institute of Management, Bangalore. In the realm of software and business transformation, Shashidhar's journey and achievements stand as a beacon of inspiration and a testament to his prowess.
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.
