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.
Alanna Abreu is a principal at UHY. She has years of audit and advisory experience with a concentration in federal acquisition regulation and employee benefit plan audits. She specializes in multiple industries, including professional services, manufacturing, construction, and not-for-profit. She has extensive experience completing assessments for client internal controls, accounting systems, efficiency reviews and more. Her software experience includes Oracle NetSuite, Oracle, QuickBooks Desktop (Pro, Premier, Enterprise), QuickBooks Online (Plus, Advance for Contractors), Deltek Visions, Sage and PeopleSoft. She is a Certified Design Accountant and Oracle NetSuite Certified Financial User. She also holds Cybersecurity Advisory Services Certification and Cybersecurity Practical Application Certification.
Krishnan Nair is the director of product, fintech & payments for Stampli.
Heather H. Wilson, Chief Executive Officer of CLARA Analytics, has more than a decade of executive experience in data, analytics and artificial intelligence, including Global Head of Innovation and Advanced Technology at Kaiser Permanente and Chief Data Officer of AIG. She currently sits on Equifax's board of directors. While at AIG, she was named the Insurance Woman of the Year by the Insurance Technology Association for her data innovation work. Wilson has been a steady supporter of diversity. She launched the Kaiser Permanente Women in Technology group, focused on mentorship and retention for women in math, technology and science, and at AIG, she launched Global Women in Technology and served as Executive Sponsor of Girls Who Code.
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.
