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.
Brad Saft is an award-winning entrepreneur, writer, investor and founder of DonorAdvisedFunds.com.
He has founded several companies including eSpired, an education technology company focused on at-home learning, where he serves as CEO. He is actively involved with a variety of nonprofits, serving on the board of Kids Need Our Love aimed at combating child abuse.
Jason Kaminsky is the CEO and co-founder of kWh Analytics. Just prior to joining kWh Analytics, Jason spent more than three years as a vice president of environmental finance at Wells Fargo Bank. As a senior member of the Wells Fargo deal team, Kaminsky originated, underwrote, and financed tax-equity investments during a time when the bank added nearly $1bn of solar assets. Prior to joining Wells Fargo in 2011, he worked at SPG Solar, where he supported the CEO on strategic corporate initiatives.
Kaminsky received both his B.S. in Mathematics and his B.S. in Atmospheric, Oceanic, and Environmental Sciences from UCLA. He holds an M.S. degree in Environment and Resources from Stanford University, and also completed his M.B.A. at the Stanford Graduate School of Business. He is from Thousand Oaks, California.
Peter Eberle is the president and chief investment officer of Castle Funds
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.
