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.
Sathyanarayanan (Sathya) Sethuraman is the director of UiPath’s global insurance and financial services practice. With more than 20 years’ experience, Sathya has become a trusted advisor to Fortune 100 global insurance and financial services enterprises and has led large-scale digital transformation initiatives. At UiPath, Sathya is responsible for building industry solutions for intelligent process automation leveraging UiPath’s platform and the UiPath alliance ecosystem.
Michael Sellai is a partner in BPM’s Managed IT Services practice, where he helps clients manage, maintain and upgrade their information technology systems. In his nearly 20 years of IT experience, he has among other notable projects helped clients with as many as 300 employees automate the onboarding of employee computers and application delivery.
Jill Pappenheimer is a partner in the HR Consulting practice at BPM, a West Coast-based accountant and advisory firm that ranks among the 50 largest in the United States. She brings 30 years of experience supporting the people function for organizations ranging from large financial institutions to small entrepreneurial teams.
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.
