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.
Alon Muroch is an Israeli entrepreneur, and has been developing code from an early age. He began working for many different startups over the past decade, taking many different roles. In 2014, he read the Satoshi white-paper which inspired him to explore and get deeply involved in the world of blockchain and crypto technology. He was a code contributor to Bitcoin, Ethereum, developed his own multi-sig P2P wallet, and later on co-founded Blox.io 2017, where he serves as the company’s chief executive officer. Muroch continues to be passionate about the ways decentralized finance is transforming and opening up the traditional financial industry in a way never before imagined.
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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.
