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.
As director of account anagement, Jill Dobbe builds strong relationships with Orgvue clients, guiding them to enhance their organizational planning capabilities through technological solutions. With more than two decades of expertise in strategic planning, human resources, and organizational development—including extensive experience supporting Fortune 100-500 organizations and serving within John Deere and a non-profit healthcare system—Jill is dedicated to empowering organizations to define and achieve their future strategies. Her comprehensive background encompasses successful leadership of initiatives in strategic workforce planning, analytics, organizational design, transformation, and change management across diverse industries and global environments.
TuongVy "Vy" Le is general counsel of Veda Tech Labs, which builds institutional-grade, noncustodial vault infrastructure for digital asset markets. Previously, she served as the general counsel of a federally regulated crypto bank, head of regulatory and policy at a registered investment advisor, and chief counsel of the Office of Legislative and Intergovernmental Affairs and senior counsel in the Division of Enforcement at the SEC.
David Dienesch is the CEO of Allianz Trade in Canada and has served in this role for nearly 11 years, helping companies grow domestically and internationally. Prior to this role, he served in multiple leadership positions at Allianz Trade in Canada, such as Commercial Director, National Sales Director, and Vice President.
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.
