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.
Karthik Balakrishnan, Ph.D, is the President and Co-founder of ACTUAL, the Capital Planning Software that allows enterprise CFOs to greenlight the investments which allow them to meet their sustainability goals. With over a decade of experience working at the intersection of asset transformation and supply chain, Karthik has established himself as a sought-after leader, speaking at various events on sustainable development, government policy and global implementation. Karthik holds a PhD and MS from Stanford and a BS from UC San Diego all in Aerospace Engineering.
The program honors outstanding achievements in developing technology and implementing solutions that improve the growth and scalability of wealth firms, and enhance client engagement and experiences.
Cris Cicala is a partner in Stinson LLP's New York City office. A corporate, finance and banking attorney with more than two decades of both domestic and international experience, Cris focuses his practice on providing corporations, financial institutions, private equity and credit funds, real estate developers, media companies and entrepreneurs with practical and strategic legal advice.
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.
