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.
Rod Simmons is vice president of product strategy for active directory at Stealthbits Technologies.
Grant Easterbrook is co-founder of Dream Forward.
Merritt Maxim is a principal analyst at Forrester Research. He contributes to Forrester's offerings for security and risk professionals. Merritt covers identity management and access management, including user provisioning, access governance, customer identity and access management (CIAM), identity-as-a-service (IDaaS), single sign-on (SSO), user directory infrastructure, and internet-of-things (IoT) security. His research builds on his 20 years of experience helping security leaders at global enterprises derive optimal business value from their identity and access management initiatives for employees, partners, and customers.
Merritt has spoken at industry events such as the RSA Conference and Cloud Identity Summit on identity-related topics. He also coauthored the book Wireless Security.
Previous Work Experience
Prior to joining Forrester, Merritt managed product marketing for identity management and access governance at CA Technologies, where he was involved in global go-to-market strategies, product positioning and strategy, competitive analysis, and sales enablement. Previously, Merritt held product management and product marketing roles at Security Dynamics, RSA Security, Netegrity, Nuance, and OpenPages.
Education
Merritt holds a B.A. (cum laude, with high honors) in history from Colgate University and an M.B.A. degree from the MIT Sloan School of Management.
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.
