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.
Brett King is the author of Bank 4.0, the founder of Moven, the host of the world's #1 fintech podcast, "Breaking Banks," and Bank Think's 2012 Innovator of the Year.
Yiannis Gavrielides is the co-founder and CEO of Covve, helping professionals to grow and nurture their contact network. He actively supports entrepreneurship as a partner at Invelopment Partners.
Megan Smith's diverse career journey at SAP spans almost two decades, across multiple lines
of business: from instructional design and training to product management and, for the majority of time, in HR. She has been an HR Business Partner supporting global leaders across sales, engineering, marketing, and product support. In 2018, Megan spent six months conducting two major academic studies for SAP in partnership with Temple University: determining factors that drive innovation culture and discovering how creativity, stress, and engagement are impacted by working in the office vs at home.
Over the past five years, Megan has been deeply involved as an HR leader in SAP's acquired cloud businesses in North America, the Head of HR for SAP Canada, and in 2022 expanded her
responsibilities to assume the role of Head of HR for SAP North America. Some of Megan's focus as of late has been developing SAP's Flex Work guidelines, D&I tools to develop inclusive
leadership, managing retention in a competitive market, and leading the COVID-19 Vaccination
office entry policy.
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.
