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.
Larissa Lee is an attorney at Jones Waldo Holbrook & McDonough. Her practice focuses on bank formation and regulation.
Tom Kellermann is the chief cybersecurity officer for Carbon Black. Prior to joining Carbon Black, Tom was the CEO and founder of Strategic Cyber Ventures. On January 19, 2017, Tom was appointed the Wilson Center’s Global Fellow for Cyber Policy in 2017. Tom previously held the positions of chief cybersecurity officer for Trend Micro; vice president of security for Core Security and deputy CISO for the World Bank Treasury. In 2008 Tom was appointed a commissioner on the Commission on Cyber Security for the 44th President of the United States. In 2003 he co-authored the Book “Electronic Safety and Soundness: Securing Finance in a New Age.”
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.
