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.
Bart Peluso III is Vice President of Marketing at KnowledgeLake. He joined the company from Microsoft where he introduced & led 'Hyperautomation' across the company's 15 global regions. Prior to Microsoft, Bart was the Global Head of Product Marketing for Blue Prism, where he drove the creation of the RPA Market along with Gartner's RPA Magic Quadrant. Bart has managed Product Marketing Strategy, Competitive Intelligence, Technical Alliance Partnerships (TAP) & Customer Advisory Groups in the 'Automation / Document Processing space since 2010. He led Product Marketing for disruptive new technologies at Cisco, Dell & the revolutionary start-up Mesh Networks.
Steven L. Antonakes is the executive vice president for Enterprise Risk Management at Eastern Bank and previously served as the deputy director of the Consumer Financial Protection Bureau and the Massachusetts commissioner of banks.
Todd Stead is a regional group benefit sales consultant at IFC National Marketing.
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.
