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.
Aaron Fine is a partner and head of Oliver Wyman’s retail and business banking practice in the Americas.
Todd Waletzki joined BenefitMall in March, 2015 as the President of the Payroll Division. Todd brings more than 25 years of finance and payroll related experience to the organization and is responsible for maintaining the excellence of payroll operations for BenefitMall. Todd previously held the role as chief operating officer of CompuPay (now BenefitMall) from 2010 to 2012 , where he was responsible for all payroll operational functions.
Todd received his Bachelor of Science in economics from Bemidji State University, and his Master of Science in Economics from Southern Illinois University. He has previously served as a College Instructor at Webster University and Southern Illinois University. Todd and his family currently resides in Dallas.
Nadya Knysh is a managing director at a1qa, which is a software testing provider helping clients including Fortune 500 companies release high-quality solutions. Nadya has a Master’s Degree in informatics, management and modeling and is a certified scrum master. Nadya strives to transfer the knowledge on the significance of QA processes for improving overall quality of the products and eliminating a financial loss due to failures detected.
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.
