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.
Maryling Yu ("Mare") is vice president of marketing at CCC Intelligent Solutions, responsible for all aspects of marketing at the company, with a strategic focus on developing and retaining customers across the entire lifecycle and has over 20 years of marketing experience. Previously, she was the chief marketing officer for Backstop Solutions, a Chicago-based financial technology company. During her tenure, she played a key role in the company's growth, helping it double in size from 2016 to 2022 before its successful sale to ION Analytics. Mare specializes in B2B technology marketing and has also held senior level marketing positions at Sungard Availability Services and has consulted for many Silicon Valley-based technology companies.
Yohan Lobo is senior manager, industry solutions at M-Files.
Sanford Nowlin is editor-in-chief of the San Antonio Current.
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.
