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.
Jan-Willem Burgers is Technology Lead Europe of the Distributed Ledger Practice at Capgemini.
Jennifer Adams is a senior forecast analyst, focusing on the business technology and eCommerce space. She leverages Forrester's proprietary survey data, along with extensive industry research, to model and develop forward-looking insights into the technology markets. Recent topics of interest include commerce software, cloud security, and mobile devices and developer tools.
Previous Work Experience
Jennifer has over 20 years' experience working with technology, media, and energy companies in forecasting, strategic planning, financial, and marketing roles. Most recently, she provided forecasting, valuation, and strategic planning services to clients in the technology and media space on an advisory basis. Previously, Jennifer worked in the Institutional Research group at Cowen and Company, publishing research reports on the telecom services sector including RBOCs, mobile operators, long-haul carriers, colocation/hosting providers, and satellite operators .Additional experience includes financial and planning positions at global satellite operator Intelsat; economic consulting firm Putnam, Hayes & Bartlett; British Petroleum; and railroad company CSX.
Education
Jennifer earned an MBA from the University of Chicago and an undergraduate degree in economics from Cornell University. She is a chartered financial analyst (CFA).
Lisa McCann is special counsel in the international corporate tax team of Withers. She focuses on advising clients on US and foreign tax planning and compliance.
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.
