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.
Axel Rebien is the CEO of Serrala, a global innovator in financial software solutions that enable organizations to optimize their financial processes. He holds the overall responsibility for the strategic direction, operations, management and performance of the company. Before he was appointed as CEO in July 2023, Rebien joined Serrala's Executive Board beginning of 2022 as CFO, driving the company's financial strategies and finance-related processes including accounting, financial planning and analysis that deliver a return in business transformation. Prior to Serrala, he held executive senior leadership positions at Unzer (CEO and CFO), a modular platform for international payments, PharmaSGP SE (healthcare and pharmaceuticals), and Tom Tailor Holding SE, where he successfully managed the 2010 IPO. He is based in Hamburg, Germany.
Jennifer A. Dlouhy is a senior reporter at Bloomberg News.
Rebecca McKenzie is the chief legal and business officer at Codat.
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.
