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.
Samuel Deane is a financial advisor and president of Deane Wealth Management, a registered investment advisor for founders and tech employees.
The wealth management firm specializes in equity compensation, financial planning, investment management and tax planning. After spending some time working in an industry traditionally reserved for wealthy retirees, he realized that he could provide wealth management and financial planning services more efficiently for his generation.
Catherine Stihler (OBE, FRSE) is a distinguished international leader and open technology specialist who served on the Governor of Pennsylvania's AI task force. She has also collaborated with the World Economic Forum's AI Alliance, and provided valuable insights to the US National AI committee, establishing her as a key figure at the intersection of AI development and governance, among other notable achievements. With a career including two decades at the forefront of European policy creation and decision-making, she uniquely bridges regulation and innovation - helping organizations understand compliance and achieve goals. Catherine seamlessly combines an insider's knowledge of international institutions and business with a results-driven approach, showcasing a unique and practical perspective. She is also acting advisor for Vero AI, the new innovative AI startup behind the Iris platform and VIOLET Impact Model.
Dan Chu is the executive director of the Sierra Club Foundation.
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.
