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.
David Dickson is vice president of Sage AI and a Sage Technical Fellow, leading artificial intelligence teams across product delivery, research and machine learning operations. As the technical leader of the AI division since its inception, he grew Sage AI from an initial idea to a world-class team of AI practitioners. Prior to being acquired by Sage, he led engineering and data science for Compass, an analytics startup based in San Francisco. He holds a software engineering and psychology degree from the University of Melbourne, graduating with honors.
Before coming to FormFree, Dr. Michael Covington was co-founder and former associate director of the Institute for Artificial Intelligence at The University of Georgia.
Neal Pandozzi is a partner with the law firm Bowditch & Dewey, LLP in Boston, Massachusetts. He has over two decades of public finance experience. He is licensed to practice law in Massachusetts and Rhode Island.
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.
