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.
Sumit Punjabi is senior manager of RPA strategy, digital strategy and business transformation at NTT DATA Services. He is a management consultant with extensive global consulting experience spanning the breadth of robotics process automation strategy and roadmap definition, digital strategy assessments, customer journey re-engineering, business transformation, business process management, program management, change management and implementation of various policy level changes impacting the organization.
He has advised senior executives of leading global institutions on several strategic engagements, assessing the organizations business strategies, people, process and technology capabilities, identifying key client business issues, determining client needs, validating analysis and developing recommendations for the client in the context of the overall business strategy. He has extensively used Lean Six-Sigma and ITIL methodologies to analyze, improve and redesign solutions across business and IT process areas.
Sumit is an MBA from Indian School of Business and participated in a student exchange program with Tuck School of Business at Dartmouth University. He is also a Certified Six Sigma Black Belt (ASQ), Dell Certified Project Management Professional and Trained in ITIL v3.
Andre Sterley is a senior audit manager and practice leader for the digital asset group of Mazars USA based in New York City, as well as co-chair for the accounting and audit working group of the Accounting Blockchain Coalition. The Mazars Digital Asset Group was formed with the mission to help organizations navigate the complex accounting, tax, audit and other advisory issues related to digital assets, blockchain and distributed ledger technologies.
Brad Winges is the President and CEO of HilltopSecurities, a financial services firm and registered investment adviser in Dallas. Before joining HilltopSecurities, Winges was senior executive managing director at Piper Jaffray and a member of the company's leadership team.
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.
