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.
Anurag Arjun is co-founder of Avail, a modular blockchain infrastructure project spun out from Polygon. He previously co-founded Matic Network (now Polygon) and serves on the board of rootVX, an enterprise tokenization studio focused on building regulated digital infrastructure for assets, payments and data. With a background in research, economics and engineering, Anurag brings deep cross-disciplinary expertise to financial technology and modular blockchain design.
Anupam Gupta is chief product officer at Applied Systems Inc. He is responsible for the company's product vision and product management teams. Formerly CPO at 4C Insights, a sophisticated Data & Analytics SaaS provider to the AdTech/MarTech industries, which was acquired by Mediaocean, the mission-critical platform for omnichannel advertising with more than $200 billion in annualized media spend managed through its software, connecting the ecosystem of agencies, brands, media, technology, and data. As CPO of the combined companies, he spearheaded their product transformation to the cloud, adding new products fueled by data and intelligence infused in the core workflow. Previously, he led product organizations for several tech companies, including at Vubiquity, Mixpo, and Microsoft among others.
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.
