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.
David G. Barbeito, CPA, is a managing partner at De La Hoz, Perez & Barbeito PLLC. At his firm, they work with entrepreneurs locally and internationally across various industries and assist them with audit, tax, and accounting services. Reach him dbarbeito@dpbcpa.com.
Damon Fleury has held product and technology leadership positions for a variety of companies in the networking and security sectors over the last 25+ years. His specialty has been joining companies early in their development to help build and release initial products and then optimizing strategies to enable their success in the marketplace.
Damon has led teams at TippingPoint (Trend Micro), Mirage Networks (Trustwave), Exodus Intelligence, NSS Labs, and CacheIQ (NetApp), and held leadership positions in Engineering, Product Management, and Market Strategy to develop and launch innovative and disruptive products.
Prior to joining SpyCloud as the VP of Strategy in early 2022, Damon served as the Chief Technical Officer and VP of Cybersecurity Services at Texas-based MSSP CyberDefenses. In this role, Damon supported the growth of the commercial and SLED services business, including the creation of and go-to-market efforts for SOC, Security Engineering, Cyber Intelligence, CISO Advisory, and Incident Response services.
As Chief Product Officer of SpyCloud, Damon is responsible for the product roadmap and strategic innovation initiatives that have driven SpyCloud to become the leader in Cybercrime Analytics – helping enterprises combat cyber threats including ATO, ransomware, and online fraud.
Donna Milrod is the chief product officer of State Street Corporation.
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.
