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.
Eli Gill is the vice president of engineering, product and AI at Paro, an AI-powered marketplace that delivers finance and accounting solutions to businesses through a combination of expert fractional talent, data-driven tools, and guiding insights. He has worked in the AI and machine learning field for over 10 years and served for five years as a limited term lecturer in the subjects of machine learning, data science, and AI at Perdue University.
Matthew de la Fuente is the CEO of Kyax, a digital asset data subledger and financial reporting engine to enable business, financial audit and transaction reconciliation reporting.
Joe David is the founder of Nephos Group and Myna, the leading global crypto accounting experts, supporting entrepreneurs and business owners to take control of their finances whilst gaining insights into their business and financial operations.
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.
