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.
Amanda Mich is a senior recruiter at UHY Advisors, Inc., and has been supporting the firm for the past six years. As an internal UHY recruiter, Amanda fills tax, audit, assurance, advisory, HR, IT, administrative and marketing positions for all of the offices across the country. This includes sourcing, screening, assessments and interviewing.
Paul Daley joined as Managing Director of BondWave’s Information Lab after serving as head of execution and account management for SunGard’s Fox River Execution where he was responsible for overseeing trading activities in the US, Canada and Japan. In addition to managing the firm’s strategic relationships, Mr. Daley published papers on high-frequency trading, spread time series studies, liquidity modeling, dark pool trading and the nickel spread pilot program. He was also responsible for designing new algorithmic trading strategies and trading suites. Prior to joining Fox River, Mr. Daley was head of quantitative trading at UBS O’Connor, a multi-strategy hedge fund. He was also head of derivative and portfolio trading sales at Merrill Lynch and served as the global head of equity indexing at ABN Investment Management (now a part of Northern Trust Global Advisors). Mr. Daley graduated from the University of Chicago with a Bachelor of Arts in Economics, and received his MBA from the University of Chicago with a concentration in Finance.
Eric Goldberg is a partner in the Consumer Financial Services, Data and Technology practice at Akerman LLP and a former managing counsel for regulations at the CFPB.
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.
