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.
Melbourne O'Banion is Bestow's CEO and co-founder. An entrepreneur and seasoned investor, O'Banion has a track record of start-up success. Before Bestow, he was a founding member of Presidio Title, a leading title insurance agency in Texas. And together with his wife, he founded Beauty Bioscience, a luxury skincare line. He's a member of the National Advisory Council for the Marriott School of Management at Brigham Young University, where he studied Finance and Ancient Near Eastern Studies, and is on the board of the SMU Tate Lecture Series.
Rodrigo Liang is co-founder and CEO of SambaNova Systems.
As U.S. chief operating officer at Esker, Steven Smith is responsible for all operations in North, South and Central America. He joined Esker in 2003 as the director of sales. Prior to Esker, He spent 17 years at Equitrac Corporation as the senior vice president of worldwide sales and two years in sales at Pitney Bowes.
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.
