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.
Zachary Decker is a master of accounting student at the University of Northern Iowa and serves as a sergeant in the Iowa National Guard. He served as the president of the accounting clubs at the University of Northern Iowa and Des Moines Area Community College and held positions as Treasurer of the University of Northern Iowa's Veterans Association and Global Business Club. He recently accepted a position to start his accounting career at PwC in Austin, Texas.
Attila Toth is the founder and CEO of ZestyAI, a risk platform for property and casualty insurers. With over two decades of experience building high-growth businesses at the intersection of data and climate science, Attila has worked with insurers and regulators across the U.S. to scale AI adoption responsibly. Before founding ZestyAI, he held leadership roles at C3 AI and SunEdison and was a strategy advisor at McKinsey & Co.
Steve Dean is the chief investment officer at Compound Planning, a $2.5 billion digital family office and tech-enabled RIA.
He leads the investment team, developing and overseeing the deployment of the public and private model portfolios. Dean has over 30 years of experience researching markets and implementing investment strategies for both institutional and wealth advisor clients. He began his career in the economic research department of the Federal Reserve before joining a large global quantitative equity manager, working with endowments, pension plans and fund providers.
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.
