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.
As a solution architect at Atos North America, Jonas Bull leads pre-sales efforts, solution design and customer engagement, and manages cloud and hybrid engineering projects involving high performance computing, artificial intelligence and analytics. Bull helps industries across market verticals recognize value from technology investments, as well as identifies and prioritizes their goals for growth, design and implementation.
Bull has more than 20 years of business, leadership and technology experience, including Forrest Health Systems of Mississippi, CSpire Telecom and the US Navy. Bull is a mentor for students at University of Texas at Dallas, a volunteer mentor with Score.org, and is an active member of Tech Titans of North Dallas. He holds a bachelor's degree in Anthropology from the University of Southern Mississippi, and is pursuing an MBA with the Smartly Institute of Washington, D.C.
Anil Somani is chief transformation officer at Altimetrik.
Michael Kanellos, IoT Analyst at OSIsoft, tracks how innovation and IoT will impact energy, people and business. He’s written for over 20 years for CNET, Greentech Media, Forbes, Wired, Computer Reseller News, the New York Times and other publications and appeared as a guest on outlets like NPR, 60 Minutes, Fox News, CNN, the Today Show and Al Jazeera. Prior to technology, he also worked as an attorney, a Census Bureau enumerator and a busboy in a pancake house.
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.
