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.
Abhishek Peter is the Manager - Digital Marketing at FECUND Software Services. He has a passion for solving complex problems with innovative solutions. Through his blog, Abhishek shares his expertise and provides insights into the worlds of marketing, insurance, technology, and more.
Nick is a startup veteran and Internet technology expert with over 25 years of application development, testing, and cybersecurity experience. He is recognized as an industry expert in the realms of API development, API management, and API security. In the world of APIs, Nick has helped architect and implement some of the largest API Management and monolith to microservice digital transformation projects in North America. Nick has had the honor of speaking at prestigious conferences including Blackhat, RSA, AWS re:inforce, SecureWorld, APIWorld, and his expert opinions are regularly featured in prominent publications such as Darkreading, Infosecurity Magazine, Computer Weekly, SC Magazine, Security Boulevard, Security Week, and many others.
As Field CTO and Product Strategist at Salt Security, Nick helps guide and positively influence how organizations can foster API-driven success, while protecting themselves from today's emerging API security threats. Prior to joining Salt, Nick was an early contributor to the success of Kong, the world's most widely used API management platform.
Monica McCoy is the founder and CEO of Monica Motivates.
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.
