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.
Sid Pailla is the CEO and founder of the Sunny Day Fund.
Gary Coffey is the chief technology officer at Spectrum.Life and has over 15 years' experience in technology and has worked in many sectors ranging from Healthtech, Fintech, gaming, AdTech, media, digital advertising, manufacturing and banking. He returned to Ireland in 2022 after living in Berlin for eight years, working in companies such as Bombardier and most recently in the media & gaming sector for Media Games Invest and Gamigo, where he held a leadership position as group chief technical officer. Gary uses his expertise in all areas of technology and business – from product development, data, M&A, commercial transformation, content & design and has a passion for building motivated & energetic technology teams.
Harriet Christie is chief operating officer of Mirrorweb, a communications archiving solution based in Manchester, U.K.
After graduating from the University of Sheffield in 2010, she entered the tourism sector, starting as an accounts executive at LateRooms.com, earning the title of global accounts manager within three years. She occupied this role for a further five years before joining MirrorWeb.
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.
