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.
Lisa Cregan is head of field leadership readiness and acquisition at Morgan Stanley.
Over a 40-year career, she has worked to make the financial services industry more inclusive and successful by welcoming talent from across the spectrum. In 2022, she founded the Climb-Pause-Lift Foundation, which supports women athletes through scholarships, grants and avenues to internships and full-time positions in wealth management. She is a trustee emerita for the Women's Sports Foundation, founded in 1974 by Billie Jean King, and is a contributor to the Georgetown University Women's Leadership Institute.
The research reveals that even though most accountants expect AI to change their jobs, upend client expectations and increase opportunities, the majority are not currently using AI and are reluctant to do so in the near future.
Torben Robertson is the content marketing manager at Cardata.
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.
