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.
Richard Bloch is principal at Digital Healthcare I/O. He has more than 30 years of systems and software engineering experience. While at Microsoft, Bloch led feature development and earned numerous awards for applications. Through his engineering companies, Business Learning Incorporated, and Digital Healthcare I/O, Mr. Bloch’s systems and software expertise includes human-computer interaction (HCI) design and development, modeling, simulation and visualization (MS&V), and ISO and agile management practices across Government (various DoD agencies and the FAA), aerospace, satellite engineering, and healthcare technology domains.
Drew Tyler is a senior benefits consultant at employee benefits firm Corporate Synergies.
Paco Nathan is known as a "player/coach," with core expertise in data science, natural language processing, machine learning, cloud computing; 35-plus years tech industry experience, ranging from Bell Labs to early-stage start-ups. He is so-chair Rev. Advisor for Amplify Partners, Deep Learning Analytics, Recognai, Data Spartan, Primer. Recent roles include director, Learning Group at O'Reilly Media; director of community evangelism at Databricks and Apache Spark. He was cited in 2015 as one of the Top 30 People in Big Data and Analytics by Innovation Enterprise.
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.
