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.
Peter Evans serves as the CEO of Xtract One Technologies, a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. He has over 25 years of experience leading organizations' digital transformation and innovation activities for customers in high-growth technology businesses. As a four-time high-tech CEO, Peter has demonstrated repeated success in driving revenue growth and accelerated profitability by delivering innovative solutions to target markets, and triggered multiple profitable liquidity events. Prior to Xtract One, Peter served as a senior executive at several technology and security companies, including IBM, where he was responsible for developing, delivering, and evangelizing the long cycle technical vision and strategy for their Internet Security Systems division. This includes security implications and strategies for Cloud, Telecom, and mobility.
Jaclyn DeJohn is the director of economic analysis at SmartAsset.
As a spokesperson for the company she has been cited by Bloomberg, CNBC, Business Insider, Fox News and The Hill, among other media outlets.
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.
