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.
Dan Draper is the founder and CEO at CipherStash, a Sydney, Australia-based cybersecurity and governance platform focused on data security and encryption technology. He is a longtime expert in the cybersecurity and data privacy field, pairing more than a decade of technical leadership experience with extensive research and development of cutting-edge data security technologies. He is an experienced security engineer and his mission is to help organizations extract the power of data without the risk while empowering all developers with the knowledge they need to build securely.
Nick Baum is the co-Founder and CEO of Tremendous.
Elizabeth Burstein is CEO and Co-Founder of Neura Health, an all-in-one benefits solution for the 1 in 3 employees with a chronic neurological condition.
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.
