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.
Attila Tomaschek is a digital privacy expert at BestVPN.com.
David R. Jarczyk is a Principal in KPMG LLP’s Tax Innovation group and the firm’s Tax Blockchain Leader. Previously, he was a founder and CEO of a successful intellectual property technology company for 10 years, and was founder and head of client services for an economics and valuation firm for the prior 5 years. Jarczyk’s specialty has been bridging the gap between technology/big data and business cases/user needs. In his roles, David has served multinational corporations, global consulting companies, global law firms, and various government sectors. He is experienced in determining market needs, translating those needs into technological requirements, creating unique data and analytics offerings, and developing go-to-market strategies. Throughout his career, David has been an advocate for small businesses, providing coaching, lectures, and advisory services to entrepreneurs in need. Additionally, David has extensively lectured and published in the areas of economics, finance, law, and intellectual property.
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.
