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.
Dr. Janell Straach has a diverse background that includes academic and industry experience. She holds a Bachelor of Science degree from Angelo State University, a Master of Computer Science degree from Texas A&M University, an MBA from The University of Dallas and a PhD from The University of Texas at Dallas. Prior to her current assignment with the UT Dallas Department of Computer Science, she worked for IBM and a Texas-based utility organization.
Michael Cramp is an experienced security researcher with a demonstrated history of working in the computer and network security industry. He is skilled in a variety of programming languages including C, Android, IDA Pro, Reverse Engineering, and Linux/Android kernel exploit development. He holds a Bachelor's degree focused in computer science from University of California, Santa Barbara.
Michele Norton, MS, RN is senior vice president of healthcare strategic marketing at SCIO Health Analytics an EXL Company. She has more than 20 years of experience in healthcare, including at health systems, providers, ACOs and payer organizations.
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.
