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.
Deb is responsible for all aspects of the firm's human resources strategy, including talent management, leadership development and compensation, benefits, and company culture, including environmental, social and governance activities. She works closely with leadership around the globe to build a culture that attracts, retains and develops top talent.
Madhura Chakrabarti leads the People Analytics and Employee Engagement research practices at Bersin by Deloitte. Previous to joining Bersin by Deloitte, Madhura worked for Dell Technologies, where she led the annual global engagement survey for 110,000 employees; culture assessments for mergers and acquisitions; and several people analytics studies. Subsequently, she also served as the Organizational Development (OD) Strategist for Global Operations and Client Solutions, the largest business unit where she led and supported multiple talent management initiatives for the business. Prior to Dell, Madhura worked for Ford Motor Company and Aon Hewitt where her work focused on design and statistical validation of pre-employment assessments used for hiring.
Jonathan Drew is associate director of legal services at Seal Software. Jonathan has spent the bulk of his career working with technology-focused startups, helping companies develop marketing and product strategies to support new product introductions and entry into new markets. At Seal, Jonathan supports Seal’s efforts in risk and regulation, exploring the various ways Seal’s platform can be leveraged to solve business and regulatory challenges.
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.
