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.
Jinan Budge is a principal analyst at Forrester Research serving security and risk professionals. She is an experienced leader serving security and risk professionals who specializes in transformational change and building sustainable cybersecurity, digital, and information risk management capabilities. Jinan has delivered outstanding results using strategic and innovative thinking in the cybersecurity field — building, standing up, and delivering significant cyber transformation strategies across the public and private sectors. Jinan’s research centers on building transformational and effective security programs by focusing and communicating the business issues and value of security to organizations and executives.
Previous Work Experience
Jinan has recently returned to Forrester after several years as director of cyber strategy, Engagement Governance Transport for NSW and a similar role with Qantas Airlines. Jinan also has significant financial services and consulting expertise as well as multiple security certifications, such as CISSP and CISM.
Education
Jinan holds two bachelor’s degrees in science and commerce from the Australian National University.
Amanda Rousseau is ALLL marketing manager at Sageworks, where she works to educate accountants and bankers on the intricacies of the allowance for loan and leases losses and helps them optimize portfolio risk processes.
Lisa Carley is a senior consultant at ECG Management Consultants.
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.
