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.
Bright Ikwetie is an associate member of the Institute of Chartered Accountants of Nigeria and a graduate of accountancy. He has a Google Project Management certification, and he is an IBQMI-certified Lean Project Manager. He is a financial management specialist with experience spanning financial management, internal controls, risk management, compliance, business intelligence and data analytics. He has worked across areas involving financial planning and analysis, reporting, operational efficiency, and strategic decision support. He also serves as a board advisor to three nonprofit and corporate organizations, where he contributes to governance, financial oversight, and organizational sustainability.
Kendale King is the founder of KCK CPA which serves clients in the entertainment, gaming and cryptocurrency sectors. He is the originator of the CPAcon conference.
From strategic planning to talent acquisition, Fallon wears a number of different hats at Sentinel. Senior managers look to her for guidance in their everyday duties, and her efforts to build positive employee relations are reflected in the company's culture. When Fallon isn't working face to face with employees, her leadership comes through in her diligent work on policy design and compensation planning.
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.
