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.
Carolyn Hall, CPA, MBA is the leader of the FWRD group at Wiss where her strong ability to understand each FWRD client's needs provides immeasurable benefits to the business owners as they grow. FWRD clients say that Carolyn's advisory services and strong relationships with them ensures the highest standards of service and results for their business.
Carolyn works with clients in various commercial industries, real estate and media and technology companies, as well as professional service industries including advertising agencies, law firms and medical practices.
Additionally, Carolyn is on the advisory council for the Intacct Accountants Program and Bill.com advisory board. As a member of these two cloud accounting focus groups, Carolyn is able to expand her knowledge base and have direct input on the rapidly advancing industry. She is also an active member of the Wiss Women's Leadership Forum.
Bob Rutherford is CEO and founder of Hedge.
Dominik Mjartan is president and chief executive of South Carolina Community Bank in Columbia, South Carolina, and board chair of the CDFI Coalition.
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.
